Bitwala Raises $4 Million to Merge Cryptocurrency with Banking Infrastructure

A startup wants to use the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term to merge traditional banking with cryptocurrencies has raised $4 million in new investment from several investors, including European venture capital heavyweights like Earlybird.

The concept for Germany-based Bitwala’s platform centers on combining all the features and convenience needed for everyday banking in both the traditional and the crypto world.

The system, according to its founders, will support more efficient operations through a German bank account provided through Bitwala’s banking partner, which offers SEPA debit and credit transactions, easy management of recurring Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, and a debit card.

If this trial is successful, advocates say it could bring on much greater adoption of cryptocurrency-related banking. But the firm still has a lot to prove when the product goes live soon with 30,000 people already signed up to be among the first to be onboarded.

At the same time, Bitwala's solutions can be embedded into the existing financial infrastructure. A good example of products for consumers is the Bitwala wallet, which allows cryptocurrency trading with access to instant liquidity, integrated into the account.

In addition, deposits in Bitwala accounts will be protected under the German deposit protection scheme and supervised by Germany’s banking supervisors BaFin and Bundesbank for up to 100,000 Euros.

On the corporate side, Bitwala can help in several ways, such as bringing the advantages of blockchain technology into their infrastructure.

“The cryptocurrency community is eagerly awaiting the launch of our new service. I’m very proud that with our new product we will close the gap between crypto and traditional banking and solve one of the biggest hurdles on the road to mainstream adoption,” said Jörg von Minckwitz, President of Bitwala GmbH.

Christian Nagel, partner at Earlybird, added: “The background and experience of the team convinced us that Bitwala will allow everyone to engage with cryptocurrencies - seamlessly and in unprecedented simplicity, with all the comfort and security of their bank account.”