Bitwala, a crypto-payment company based in Germany, has officially launched a new banking service dedicated to cryptocurrencies. The company is currently touting its service as the first ever operation in the country.
Based on the new service, customers on the Bitwala platform will be able to use their accounts to manage both FIAT and cryptocurrency deposits. These transactions can be done without any fear of hacking because the service is protected with the security used by traditional financial institutions.
But that’s not all for Bitwala
Christoph Iwaniez, the CFO of Bitwala, stated that the new cryptocurrency banking service also allows customers to pay rent, receive salaries, and trade Bitcoin. The good news is that all of these actions can be done directly on their Bitwala accounts.
Furthermore, local law protects deposits that are up to €100,000 or about $113,000. This feature is similar to what is obtained with traditional German banks.
Jan Goslicki, Bitwala’s compliance officer and co-founder, made his thoughts known on his company’s latest stride:
“We were able to bring cryptocurrencies into a full compliance banking setup regulated in Germany. This shows that cryptocurrencies can fit into regulatory frameworks which protect consumers and ultimately inspire trust.”
Currently, Bitwala has announced that it is concerned with making sure that its “40,000 pre-registered customers” are fully on-boarded on its platform. Once this is done, the company can then accept new applications.
Bitwala was able to bring this new project to light due to its collaboration with SolarisBank, a German-based fintech firm that owns a banking license.
SolarisBank has also been involved in a number of cryptocurrency projects spread across Germany. Recently, the company’s partnership with Börse Stuttgart, the second largest German stock exchange, has resulted in plans for a cryptocurrency trading platform. This platform is expected to be launched in the first half of 2019.
Bitwala is also not resting on its oars either. The company is also planning to apply for a local banking license in 2019.
Now over to you
How do you think the German cryptocurrency industry will embrace Bitwala’s new service? Will it last through the long haul or be just another fad? Let us know in the comments.