German banking service Bitwala is ready to launch the world's first platform with the ability to manage direct accounts, both in euros and in bitcoins, from one bank account.
The new system is planned to be presented already in November, with about 30 thousand customers already subscribed to the service. Moreover, in addition to ordinary users, the platform also has a large investor. The largest client at the moment is Earlybird Venture Capital, which provides funds worth 4 million euros.
Bitwala itself was founded in 2015, as a company focused on expanding the exchange of valuable assets and making this process more accessible. It is also worth noting that the platform developed by the company is based on the blockchain. Therefore, for the crypto-currency market, the company bears a double benefit: it simplifies the exchange of digital money for fiat, and also continues to develop the blockchain-technology.
The service, available through Bitwala, is designed to provide users with the advantages of accessing the services of a bank account in Germany. The company offers debit and credit transactions SEPA, convenient management of repetitive payments and a debit card. Under this system, customers will be able to use their account for various purposes, for example, receive salary payments and pay their rent.
In addition to the services associated with fiat money, “bitcoin-bank accounts“ will provide the opportunity for instant access to digital assets trading directly through the platform.
The crypto-currency community is looking forward to launching our new service. I am very proud that, thanks to our new product, we will remove the gap between crypto-currencies and traditional banking services and resolve one of the biggest obstacles to the introduction of digital currencies in the modern financial system, Jörg von Minkwitz, president of Bitwala GmbH.
This development will be another important achievement for the industry in terms of achieving recognition and acceptance. Deposits of up to € 100,000 in current accounts will be protected in the deposit protection system and regulated by German banking authorities.