The German startup blockchain Bitwala has launched bank encryption in Germany.
After securing $ 4 million (about $ 4.5 million) from VC Earlybird and Coparion companies in September 2018 to develop a bank encryption solution, the company would have accumulated a waiting list of 30,000 potential users.
The new Bitwala banking solution, which it claims was built to "bridge the gap between cryptography and traditional banking", was developed in collaboration with the local fintech startup SolarisBank, which has a banking license and is completely regulated by the authority German financial regulation. Authorities (BaFin) and European Central Bank (ECB).
With the launch of this new banking solution, users would be able to manage "both Bitcoin and Euro deposits in one place with the security and convenience of a German bank account".
The accounts would also come with the usual advantages that accompany bank accounts as a debit card, as well as a bitcoin wallet with additional features to freely exchange bitcoins and euros.
"We created the new account by putting our customers first – no longer need to link liquidity to separate trading accounts with measures to protect fragile funds outside Germany." You no longer have to accept excessive trading fees. with Bitwala it's fast and reliable and our price is highly competitive, "said Bitwala chief technical and co-founder Ben Jones.
The announcement did not provide details on the cost of managing the bank account, but a commission of 1% will apply for each bitcoin trade. It remains to be seen whether other cryptographic resources will be included in the future and the announcement did not specify where the service would provide its pricing data for trading.
All fiat deposits up to € 100,000 are insured by the German Deposit Guarantee Scheme (DGS). But while the fiat is protected to some extent, there were no indications on bitcoin insurance.
Bitwala has started the boarding procedures for the thousands of users who have pre-registered to use the service and will accept new users in the coming days.