Trade in Bitcoin, Transact With Fiat: Bitwala Brings Crypto Bank to Germany

By Prashant Jha

Germany is all set to get its pioneering crypto banking solution, all thanks to its very own crypto payment firm Bitwala. As Bitwala launches crypto banking services in the country, it claims to be the first ever company to do so in the country, possibly even being the first of its kind in the whole of Europe.

Bitwala is a startup that works with cryptocurrency payments and it has received a high value funding worth about $4.5 million in the last two months. Now, powered by ample funding, BitWala is now prepared to provide a whole new service to its German customers.

With the new offering from the startup, the users will be able to manage not just their crypto holdings but also their fiat currency deposits. The Bitwala bank will keep the deposits of its customers safe with security standards comparable with traditional banks.

The Chief Financial Officer of the company, Christoph Iwaniez, has said that the new bank will give all the usual facilities to its customers. They will be able to receive salary payments from their employers, make payments to others like rent to their landlords and also trade on Bitcoin, all from the very same account.

Oftentimes what happens is, crypto users have to worry about the legality of their holdings and their transactions. Any deposits under and upto 100000 Euros (which is roughly equal to around 113000 dollars), will be safe and completely legal as per laws in the country. In this way, the Bitwala bank will be as easy to use as any other traditional bank in Germany.

Jan Goslicki, the compliance officer of Bitwala as well as its co-founder 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.”

40000 customers have previously registered and Bitwala officials are now busy onboarding them smoothly. Only after their applications have been processed will Bitwala open up the application portals to new users.

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