Pointing a launch is first banking solution at Europe; the platform introduces its service availability. It partners with SolarisBank, basically a local Fintech company which holds a banking license with an entire regulation. Bitwala says,
The users can maintain bitcoin and euro deposits together in one place. They will hold entire safety and convenience with the German bank account. Moreover, accounts along with debit cards are free of cost. Though, it charges only 1 percent transaction fee for bitcoin trading.
However, euro deposits till €100,000 approx. $113,257 are under the protection of local laws similar to other traditional bank accounts operating in Germany. The co-founder and chief compliance officer at Bitwala, Jan Goslicki says:
We were able to bring cryptocurrencies into a fully compliant banking setup regulated in Germany. This shows that cryptocurrencies can fit into regulatory frameworks which protect consumers and ultimately inspire trust.
The firm has already 40,000 customers on its on-board. These customers accomplish their pre-registration relative to its service. Moreover, they will welcome new users with instant effect. According to the CFO at Bitwala, Christoph Iwaniez says the users can use this crypto accounts for salary purpose, to pay rent and trade bitcoin.
Meanwhile, this crypto banking service was going to launch last month following Bitwala and SolarisBank partnership announcement. The startup states that it expects to launch its bank and apply for a German banking license probably by next year.
Bitwala also raises around 4.5 million back in September relatively from Earlybird and Coparion, basically a venture capital firms. However, this fund was to develop its banking services.
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