Germany based blockchain financial service provider Bitwala is set to introduce the first-ever platform that will consolidate the management of both bitcoin funds and euro deposits within the same bank account.
This system is designed to initiate by November with an estimated 30,000 customers that have already got themselves registered for the service. One of the largest initial investors for the service is Earlybird Venture Capital that offers funds to invest to the tune of €4 million.
On the company-specific front, Bitwala was founded in 2015 as a financial services company focused on enhancing value exchange between customers in an efficient and cost-effective system. By introducing its regulated blockchain service, the company attains one of its mainstream goals involving to bring a smooth transition between the cryptocurrency and legacy financial systems. This is one of the revolutionary aspects observed in an entire ecosystem.
Additionally, the crypto-based fiat service will be available through Bitwala is designed to support users with the numerous benefit of accessing the services of a German bank account supported with Bitwala’s banking partner that offers a variety of services namely SEPA debit and credit transactions, easy management of recurring payments, and a debit card.
Technically speaking, customers and users under this system will be able to utilize their Bitwala account for numerous purposes like settlement, receiving the salary, making payments, etc. The Bitcoin Bank accounts will provide users with the opportunity and immediate access to liquidity in trading digital assets directly beyond the fiat based services.
Amid this, Jörg von Minckwitz, president of Bitwala GmbH said in his statement that “The cryptocurrency community is eagerly awaiting the launch of our new 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.”
Before the suspension of its transaction services in early 2017 just because of the sudden license removal of their card issuing partner, Bitwala executed processing almost €100 million in volume for its 80,000 customers. With the help of a robust system in place that makes it one of the effective global money transfer platforms through the use of new age blockchain technology.
The recent development will create another milestone achievement for blockchain industry altogether in terms of achieving adoption and mainstream recognition.
Let us not forget that while deposits in current accounts will be secured up to €100,000 under the German deposit protection scheme and overlooked by Germany’s banking supervisors BaFin and Bundesbank!!