Berlin-based Bitwala Launches Bitcoin Banking on Smartphone

  • Bitcoin banking app launched for iOS and Android
  • Opening a new account now takes only a few minutes
  • Peer-to-peer functionalities allows to transfer bitcoins between friends and family
  • Hacking Bitwala is useless, Customers fully in control of their Bitcoin wallets

Germany-based Bitwala has launched its Bitcoin banking app for iOS and Android, the company announced on August 29.

Founded in 2015, Bitwala offers world’s first all-in-one platform combining a bitcoin wallet and regular bank account along with trading options.

Berlin-based Bitwala enables customers to buy, sell, and store Bitcoin in more than 30 European countries.

Easier, and faster to manage Bitcoin

Mobile users can now open a German bank account with an integrated bitcoin wallet on their smartphones and also start trading, all within minutes.

This launch made account opening process easy while reducing the time to a few minutes that involves video identification — fully integrated into the mobile app — and verification.

“Onboarding is now directly integrated into the app. Once you have an account, you can seamlessly integrate your daily banking activities – whether in bitcoin or Euro – into your everyday life,” said Benjamin Jones, Co-founder and Chief Technical Officer of Bitwala.

The current accounts are hosted by solarisBank, that has German banking license, and is supervised by the Federal Financial Supervisory Authority (BaFin).

Hacking Bitwala is useless, Customers fully in control of their Bitcoin wallets

Within the integrated Bitcoin wallet, users can also buy and sell BTC directly from their bank account. It’s peer-to-peer functionality allow users to transfer between friends and family as well.

“With Bitwala your bitcoin are booked directly on the Blockchain via a multi-signature wallet. This is another way of saying that hacking Bitwala is as useless as breaking the Blockchain itself and that our customers are fully in control of their Bitcoin wallets at all times,” said Christoph Iwaniez, Chief Financial Officer at Bitwala.

The account and Bitwala Debit Card are free of charge while 1 percent fee is paid on bitcoin trading.

Moreover, Bitwala also provides its account holders with a free debit Mastercard that can be used for money withdrawals and contactless payments at over 40 million locations worldwide without any fees.

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