Bitwala has announced that it has raised in excess of 4 million Euros to fund its blockchain banking service. The service, which is scheduled to launch in November this year (2018), is on course to be the first of its kind in Germany.
The funding round was led by Earlybird, a venture capital firm with offices in Berlin, Munich and Istanbul. Christian Nagel, partner and co-founder of the prominent VC firm, said: “The background and experience of the team convinced us that Bitwala will allow everyone to engage with cryptocurrencies – seamlessly and in unprecedented simplicity, with all the comfort and security of their bank account.”
Until 2017, Bitwala was acting as a blockchain-based hub for global transfers. Now, their German-centric banking product will provide users with a debit card, the ability to establish direct debits and standing orders, and will also allow users to receive salaries and make standard payments using their new blockchain account. The partnership that Bitwala has established with its German banking partner will facilitate this going forward.
Among the features of this new banking product from Bitwala will be an integrated cryptocurrency wallet, allowing trading and instant liquidity. Jörg von Minckwitz, the President of Bitwala GmbH, said: “The cryptocurrency community is eagerly awaiting the launch of our new service. I’m very proud that with our new product we will close the gap between crypto and traditional banking and solve one of the biggest hurdles on the road to mainstream adoption.”
Germany is Europe’s most powerful economy and a backer of crypto and blockchain. In recent times, the country has stated its preference for moving away from US-led payment systems due to the restrictions that the US have imposed on countries such as Turkey and Iran in recent times. The suggestion would mean a potential boost for Bitcoin, with crypto in pole position to provide a freer, viable alternative. German foreign minister Heiko Mass was quoted in August this year as saying: “For that reason [sanctions], it’s essential that we strengthen European autonomy by establishing payment channels that are independent of the US, creating a European Monetary Fund and building up an independent Swift system.”
Earlybird at Blockchain Venture Summit
Webrazzi and Bitrazzi are delighted to announce that Ravi Kurani will be joining us from Earlybird as a speaker at the Blockchain Venture Summit on the 21st November in London. Tickets are on sale now, with super early bird rates available until 30th September. Don’t miss out on the chance to spend the day listening to some exceptional speakers from the world of crypto and blockchain, as well as the opportunity to network with investors and startups alike. For more information, visit the Blockchain Venture Summit official site.