Bitwala – A German blockchain banking service provider is about to launch the first-ever platform which will alter the management of Euro deposits along with bitcoin funds at the similar bank accounts of investors.
This system is planned to be launched by the month of Nov. this year with a calculable around 30,000 users who have already signed up for the service at this instant.The largest important initial investor for the service is ‘Earlybird Capital’, and is providing funds to the tune of €4 Mln.
Bitwala was launched back in the year 2015 as a monetary services company centered on enhancing value exchange between customers in an economical and cost-efficient system. By launching its regulated blockchain service, the corporate fulfills one in all its original goals, that involves delivery of a sleek transition between the cryptocurrency and the legal monetary systems.
The crypto-fiat service offered through Bitwala is meant to supply users with accessing the services of a German Bank account, in deal with the Bitwala’s banking partner, that offers SEPA debit and credit transactions, straightforward management of continual payments, and a debit card.
Customers underneath this technique would be able to use their Bitwala account for numerous settlements, like to receive salary payments or pay their rent. On the far side of this, the fiat-related services, the bitcoin bank accounts would also be offering their users the chance and instant access to liquidity in trading assets easily and directly.
The President of the Bitwala GmbH in support of this added that:
“The cryptocurrency community is thirstily awaiting the launch of our new service and I’m extremely proud that with our brand new product we’ll shorten the gap between the crypto currencies and the banking sectors along with solving one of the most difficult hurdles on the road to mass adoption.”
Prior to the suspension of its transactional services in late year of 2017 due the all of a sudden licence removal of their card issuing partner, Bitwala processed nearly €100 Mln in volume for its more than around 75,000 customers. This was meted out during a sturdy system that positioned it as an efficient global money transfer platform employing theblockchain technology.
This recent development would mark another milestone success for the blockchain business as an entire in terms of achieving thought recognition and adoption. Deposits in current accounts during this system would be protected up to €100,000 underneath the German deposit protection theme, under the Germany’s banking supervisors BaFin andBundesbank.