On Wednesday, December 12, Bitwala launched a crypto banking service in Germany, claiming this is the first such case in Europe. The crypto payments provider has struck a partnership with SolarisBank. This bank works under a license and followed all the necessary rules and regulations of the industry.
Crypto and fiat on one bank account
From now on, customers can keep their Bitcoin and euros on the same account. The bank promises to ensure that everything will be safe and convenient, as per Bitwala. Debit cards and accounts will be provided free of charge. However, the company is going to collect a fee of one percent from each BTC trade.
Deposits in EUR not exceeding €100,000 (i.e. $113,257) will be protected by the German legislation – the same situation is typical of any standard German bank.
The co-founder of Bitwala, Jan Goslicki, says that the aim of the startup is to embed crypto assets into a regular, fully regulated banking system. He wants to prove that digital assets can work well within regulated areas and consumers will be protected, thus raising trust in the whole crypto industry and the project in particular.
The company says that around 40,000 clients have already made a pre-registration for the new service and will start letting new customers on board.
Bitwala will also allow its clients to use their new bank accounts for receiving their salaries and trading BTC. This was confirmed by the company’s chief financial manager, Christoph Iwaniez.
When it all started
Initially, Bitwala planned to release their new product in November, after they had announced their teaming up with the German SolarisBank two months ago. The company reps also admitted they hope to set up their own bank in the near future. In 2019, they intend to apply for a license in Germany.
In September of this year, the Bitwala startup attracted venture investor capital worth $4.5 mln from Coparion and Earlybird firms to help it create the crypto banking service.