Bitwala to Launch Germany’s First Blockchain Bank Account with solarisBank
Bitwala to Launch Germany's First Blockchain Bank Account
Bitwala, a blockchain startup has announced that it has entered into a strategic partnership with solarisBank, a fintech company based in Berlin, towards launching what the company described as Germany's first “blockchain bank account“.
Bitwala says the initiative is to empower it to offer banking services using solarisBank's German banking license. The bank on their part welcomed the partnership as part of their “Blockchain Factory” initiative.
Spokesperson to Bitwala, Roman Kessler hinted that they also aim to kick start the service sometime in November in a bid to serve those who already hold cryptocurrencies.
So far the company raised €4 million in new funding last month to support its efforts and has since brought on 35,000 users towards the upcoming launch.
Kessler stated that they are a blockchain banking service and not a bank. That said, Bitwala hopes to get there one day, and is planning to seek a German banking license of its own next year.
SolarisBank comes as a worthy ally with noteworthy backers, including Spain-based BBVA and card provider Visa. The bank closed a €56.6 million Series B funding round earlier this year, according to TechCrunch, having been founded in 2016.
According to Kessler, SolarisBank drew Bitwala to it because of its “fantastic technical platform that allows” any company the ability to easily “go in and plug your use cases” into the solarisBank API, and the regulatory access vis-a-vis its banking license.
Indeed, solarisBank positioned itself as a possible partner for the crypto-industry through its Blockchain Factory effort.
And the solarisBank partnership helps Bitwala avoid some of the regulatory pitfalls it's encountered in the past. In January, Bitwala was one of several cryptocurrency companies affected when Visa Europe closed the account of its debit card issuer.
“We are very proud to partner with solarisBank as we launch our new product. Their technical services and regulatory umbrella enable Bitwala to be fully compliant with German banking requirements while offering a reliable user experience,” Jörg von Minckwitz, president of Bitwala, said in a statement.