Bitwala Banks €15 Million in an Earlybird-Led Funding Round

German crypto services startup, Bitwala has secured 15 million euros in a recently closed funding round. This funding came after the company’s successful Series A round last year.

As reported by local news outlet Gruenderszene, the fresh funding round was led by venture capital firm Earlybird and was participated by other investors, including Coparion and Global Brain.

Launched in 2015 as a cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, the Berlin-based startup changed its business model in 2018. It now offers digital currency banking services along with cryptocurrency custodian services, demand for which were rising with institutional interest in digital currencies.

Positioning into the Booming Market

The startup will utilize the fresh proceeds in increasing its number of users and also in launching new products. Bitwala product manager, Kristina Walcker-Mayer further revealed that the company is going to introduce recurring crypto purchasing services.

Bitwala has grown aggressively in the past few years. It currently has 150,000 customers across 32 countries and holds around 60 million euros in digital currencies for its clients. The startup is expanding its services at a time when the crypto market is going through a bull run, and both retail and institutional demands are pouring in.

Earlier this month, the Swiss neobank, Solaris partnered with Bitwala for receiving digital asset custodian services.

Last year, the German startup closed its Series A funding round, raising 12.7 million euros. Apart from the fresh fundings, the company brought in 183 million euros in total from venture capitals, including G1 Ventures, Global Brain Corporation, NKB Ventures, and Sony Financial Ventures.

The startup was initially seeded by its three co-founders, Jan Goslicki, Benjamin Jones and Jörg von Minckwitz.