Europe’s 1st Blockchain Bank

Europe’s 1st Blockchain Bank

by December 13, 2018

No bank has done this before claims Bitwala: Starting today, Germany’s cryptocurrency flagship company Bitwala is offering Europe’s first banking solution for early adopters and mainstream users of cryptocurrencies such as Bitcoin.

It is the first time ever, that users can manage both Bitcoin and Euro deposits in one place with the safety and convenience of a German bank account. Bitwala is now starting to onboard 40,000 customers who previously preregistered to open a German current account with a built-in Bitcoin wallet.

Jörg von Minckwitz

Jörg von Minckwitz

“This is a major moment for the banking and cryptocurrency industries. Money has always changed with time. As digitization spreads, the world is now entering a hybrid future where Blockchain-borne and state-backed currencies complement each other”,

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said Jörg von Minckwitz, President and co-founder of Bitwala.

“Bitwala’s 30-strong team did a stellar job in developing a service within the confines of banking regulation as a bridge between the traditional and crypto economies. Over 40,000 customers, and counting, already signed up for the new Bitwala account.”

Europe’s first! Bitwala Blockchain Banking

Bitwala is now the easiest and safest way to manage cryptocurrencies. Bitcoin can be traded with just a few clicks drawing from the liquidity in the current account. At the same time, Bitwala’s blockchain banking solution is fully compliant with the regulators. As with any bank account in Germany, Euro deposits of up to 100,000 Euro will be protected by law. The accounts will be hosted by solarisBank, the Berlin-based tech- platform with a banking license and therefore supervised by BaFin and Bundesbank, Germany’s banking authorities.

Thanks to video verification, opening a Bitwala account takes just a few minutes. Customers will need to provide an ID and answer a few questions with the operator. This is a mandatory requirement for opening bank accounts known as Know Your Customer, or KYC.

New users along with the 40,000 pre-registered customers will be onboarded one after the other based on their waitlist place.


Featured image credit: Bitwala