Bitwala launches first cryptocurrency Bank
German blockchain company specializing in the provision of payment services, Bitwala announced the launch of a new service for German customers.
The service includes the creation of an account, an international Bank account (IBAN), the provision of a SWIFT code, as well as The provision of MasterCard debit cards tied to the account.
The company is currently awaiting consideration of its application to the German Federal financial Supervisory authority (BaFin) for approval of the project. Bitwala notes that customer deposits amount to € 100,000 will be insured.
The service, called “blockchain banking”, is a complex package for making almost any cryptocurrency transactions. Due to the integration of Bank accounts, the service provides the possibility of ordinary Bank transfers and the use of credit cards.
This is the second attempt by Bitwala to offer debit cards to work with cryptocurrencies. The previous attempt was not successful due to the fact that Visa has stopped working with the provider debit card Wavecrest. Then almost all the services that provided cryptocurrency payment cards were affected, and the Swiss startup Volines was forced to completely stop its activities.