World’s first Blockchain bank account platform Bitwala nets €13M: 5 facts you need to know

World’s first Blockchain bank account platform Bitwala nets €13M: 5 facts you need to know

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Blockchain technology is said to be the next big thing! This tech underpinning the cryptocurrency has enormous potential across systems and processes. Many experts believe that the Blockchain technology will revolutionise the banking industry.

Integrating Blockchain technology in banking will help increase compliance, reduce costs, improve security, and much more. Notably, it enables data storage with better security, reducing any cyber-attacks and frauds. There are lots of startups across the globe promoting the adoption of bitcoin. Based out of Berlin, Bitwala is one among them.

Raised €13M!

Recently, Bitwala raised €13 million Euros in series A round led by Sony Financial Ventures/Global Brain and NKB Group. The company intends to utilise this fund to attract new customers, recruit talent, and start offering Bitcoin accounts for businesses.

Only crypto-first banking service!

Founded in 2015 by Benjamin Jones, Jan Goslicki, and Jörg von Minckwitz, Bitwala is Germany’s cryptocurrency flagship with the mission
of building the bank to bridge traditional and blockchain-based finance.

Based in Berlin, Bitwala offers the world’s first all-in-one platform combining a regular bank account, a Bitcoin wallet, and seamless bitcoin trading options.

€11 million traded since inception!

Since the launch in mid-December 2018, bitcoin worth more than €11 million has already been traded on Bitwala, an increase of €10 million since February 2019. About half of the customer base resides in Germany – most other European Bitwala customers, live in Austria, U.K., Switzerland, Italy, or France.

Buy and sell bitcoin from your bank account!

It’s worth mentioning that users can easily buy and sell bitcoin be it online or mobile, with fast liquidity directly from their bank account, hosted by a German partner bank. In this transaction, the platform charges 1 percent fee for every bitcoin trade.

Bank with benefits!

Customers in all 31 countries of the European Economic Area can access the benefits of a German bank account. Furthermore, Euro deposits up to €100,000 are protected by the German deposit guarantee scheme as well.

Employs 40 people!

Right now, the company employs around 40 people with Berlin as headquarters. To date, Bitwala’s investors include Earlybird Venture Capital, coparion, Global Brain and Sony Financial Ventures, NKB Group, High Tech Gründerfonds, ALSTIN, and Digital Currency Group.

Stay tuned to Silicon Canals for more updates in the tech startup world.

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