What is Bitwala?
Founded in October 2015 by Jörg von Minckwitz, Jan Goslicki, and Benjamin P. Jones, the Berlin-based Bitwala offers a bank account along with a crypto exchange to their users to buy and sell Bitcoin & Ethereum. Initially, they were aiming to launch a blockchain-based global payment service to offer faster and cheap transactions. Later on, Bitwala added a cryptocurrency exchange for their customers to make it easy to buy and sell cryptocurrencies.
In 2016, Bitwala raised €800,000 from DCG, HTGF, and an angel investor in its first funding round. Within no time, the company started gaining traction and crossed €75 million worth of transfers. Wavecrest, the partner bank of Bitwala, closed down in 2018. In the same year, Bitwala transformed & started offering a cryptocurrency bank account, the first of its kind in the world. To fund the transformation, Bitwala raised an additional €4 million from Coparion and EarlyBird.
Due to the partnership between Bitwala and Solaris Bank, a fully licensed German bank, the German Deposit Guarantee Scheme (DGS) protects the individual user funds up to €100,000 in your Bitwala bank account, operated by Solaris. It is important to note here that the protection of €100,000 under the German Deposit Guarantee Scheme does not apply to Bitcoin & Ethereum holdings.
Crypto Bank Account
A Bitwala bank account is a combination of a bank account & crypto trading service. It also comes with a Visa debit card. It is a fully serviced bank account, and a user can access all the day-to-day banking services through the Bitwala application or desktop. This German bank account enables its users to make fast transfers and recurring payments. They don't charge any fees.
The account offered by Bitwala is a Euro (€) IBAN account, and it offers free Euro deposits, free worldwide ATM withdrawals, free SEPA transactions, and a free Visa debit card. As for the crypto trading service available to the Bitwala bank account holders, the crypto trading fees on Bitwala is 1%. Bitwala also offers a secure crypto wallet to its users. There are no crypto withdrawal or deposit fees.
Bitwala Crypto Debit Card
Bitwala Visa debit cardholders can spend their cryptocurrencies by converting crypto to Euro. It is a secured card that has a 3D secure feature, which acts as an additional security layer whenever a user buys something online. There are more than 60 million locations around the world that accept Bitwala Visa debit cards.
Bitwala Crypto Wallet
Bitwala bank account holders can store their Bitcoin & Ethereum in a secured wallet. It is a non-custodial wallet, which means that your funds are in your control and not in Bitwala's control.
Offering fast cash settlement, Bitwala offers its users an easy way to trade Bitcoin & Ethereum. Their users can check their funds on Bitwala's wallet or bank accounts. The wallet comes with the highest industry security standards like biometric authorization, two-factor authentication, and multi-signature keys.