Payments Startup Bitwala Offers Crypto Banking Products For Germany Now
Bitwala, a cryptocurrency payments startup is now ready to offer its services for Germany. The company claims to be the first crypto banking solution in Europe and will be available via a local fintech company called SolarisBank, which already has a banking license and will help the company on the process of settling in Europe.
Now that the company’s services can be accessed by Germans, they will be able to manage their Bitcoin (BTC) and Euro deposits all in one place with the convenience of an official German banking account. All transactions made with debit cards will be free of any charge but 1% transaction fees will be charged by using Bitcoin.
The company has also clarified that any EUR deposit of up to $100,000 EUR will be protected by the local laws of Germany just like in “normal” banks. The Chief Compliance Officer of the company, Jan Goslicki, is proud to affirm that the company was able to bring in cryptos to Germany in a fully compliant way and that this is a proof that cryptos can fit into any regulatory framework and be trusted by the clients and the authorities.
At the moment, Bitwala has already 40,000 customers who are pre-registered for when the services are finally online. As soon as the platform is launched, the company will start accepting new users immediately. The accounts will be able to be used for many different activities like receiving salaries and paying rent or even trading cryptos.
Back in September, Bitwala was able to raise over $4.5 million USD from companies like Earlybird and Coparion, which helped it to develop its banking services. The partnership with SolarisBank was announced soon after and the startup affirmed that it hoped that it would launch its own bank in about a year at the end of 2019.