Jörg von Minckwitz, president and co-founder, Bitwala

German cryptocurrency firm, Bitwala has announced the launch of Germany’s first ever blockchain-based bank account, in partnership with solarisBank.

Berlin-based solarisBank, the tech-platform with a German full banking licence will host the accounts making them accountable to Germany’s banking authorities, BaFin and Bundesbank.

“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”, said Jörg von Minckwitz, president and co-founder, Bitwala.

Bitwala, offering Europe’s first banking solution for cryptocurrencies has started the process of customer onboarding for the first 40,000 pre-registered clients.

Jörg von Minckwitz further added, “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.”

The bank offering a fully compliant solution will offer Euro deposits of up to 100,000 Euro, protected under the German deposit protection guarantee scheme. Additionally, customers will have the benefit of managing cryptocurrencies such as Bitcoin and Euro deposits in the same bank account.

“Trading with Bitwala is fast and reliable and our pricing highly competitive”, said Ben Jones, chief technical officer & cofounder, Bitwala.

Bitwala guarantees to offer free of cost banking account and debit card facility, while charging 1% fee for trading of Bitcoins.

“The new bank account offers users SEPA transactions, easy management of recurring payments, and comes with a debit card for on the go payments and ATM cash withdrawals. For instance, customers will be able to use their Bitwala account to receive salary payments and pay their rent. And if you want to trade Bitcoin, you can draw liquidity from the same current account,” said Christoph Iwaniez, chief financial officer, Bitwala.

by Sumit Vengurlekar
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