Blockchain Startup Bitwala Raises $4.7M USD To Launch Crypto Banking Servicebr>
Blockchain payment service provider Bitwala has raised €4 million ($4.7M USD) in its latest funding round to launch a platform that will enable the management of both euro deposits and bitcoin funds within the same bank account. Investors in the round include Earlybird Venture Capital and Coparion.
Based in Berlin, Germany, Bitwala enables SEPA and SWIFT money transfers by exchanging bitcoin or altcoins to over 20 fiat currencies to any bank account in over 200 countries worldwide. The company is planning to launch new Bitwala accounts in November, which will combine all the features and convenience needed for everyday banking in both traditional and the crypto space. Bitwala claims that 30,000 customers have already signed up for the service.
“I’m very proud that with our new product we will close the gap between crypto and traditional banking and solve one of the biggest hurdles on the road to mainstream adoption,” said Jörg von Minckwitz, President of Bitwala.
The latest funding will be used to further develop the new product and build on its mission to bring crypto-friendly banking to the world, starting in Germany. Bitwala has already signed the contract with its partner bank and is finishing off the last topics needed before launch.
“The background and experience of the team convinced us that Bitwala will allow everyone to engage with cryptocurrencies with all the comfort and security of their bank account.” said Christian Nagel, partner at Earlybird.