Bitwala, the cryptocurrency banking services provider is now making an entry in the European market, starting with Germany. Bitwala made the announcement on Wednesday, December 12th, launching its services in partnership with fintech company solarisBank.
SolarisBank has got both regulatory and banking license and thus it will play a crucial role in Bitwala’s expansion plans. Furthermore, Bitwala added that users can manage both – Bitcoins and Euro deposits in one place. It will also provide the “safety and convenience” similar to that of the German bank account.
Similar to other traditional banks in Germany, Bitwala will also euro deposits up to €100,000.
Bridging the Gap Between Traditional Finance and Cryptocurrencies
Bitwala Co-Founder and Chief Compliance Officer Jan Goslicki, expressed optimism on the company’s German expansion.
He said, “We were able to bring cryptocurrencies into a fully compliant banking setup regulated in Germany. This shows that cryptocurrencies can fit into regulatory frameworks which protect consumers and ultimately inspire trust.”
Bitwala confirmed that it will start onboarding 40,000 pre-registered customers for its services, and will also add new customers soon. In a word with Bitcoin.com, Bitwala spokesperson Roman Kessler said,
“For now, only German residents can go through the KYC [know-your-customer] process. Very soon, hopefully already in January, this will be extended to other jurisdictions inside of the EU.”
Kessler further added, “Only Bitcoin [is supported] at the moment. You can access them through a multi-sig wallet to which only you have the private key. Other cryptocurrencies to follow shortly.”
The online bank account and debit cards are absolutely free, however, BTC to EUR trading costs 1 percent fee.
A Range of Services Provided by Bitwala Crypto Accounts
With the new Bitwala bank accounts, users will also get a contactless debit card which will allow them to buy/sell BTC tokens in a hassle-free manner. Furthermore, holders of the Bitwala crypto account can pay rent and receive salaries.
Christoph Iwaniez, the company’s Chief Financial Officer, commented, “The new bank account offers users SEPA transactions, easy management of recurring payments, and comes with a debit card for on-the-go payments and ATM cash withdrawals.”
He further added, “For instance, customers will be able to use their Bitwala account to receive salary payments and pay their rent. And if you want to trade bitcoin, you can draw liquidity from the same current account.”
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