Bitwala completes Series A funding with Sony backing

Posted 31 July, 2019

Japanese technological giant Sony has provided financial backing to crypto banking project Bitwala. Sony via its subsidiary Sony Financial Ventures took part in the Series A funding worth EUR 13 million ($14.5 million).

Berlin-based cryptocurrency company stated that that was the major investment round among German project in the subject area. The round was led by Sony and investment company NKB Group.

Notably, some previous supporters also took part in the event. In particular, Earlybird and Coparion once again backed Bitwala.

The company's perss release reads:

"We are very excited to announce to our users that the Bitwala team raised a grand total of 13 million Euros in series A round. We can’t wait to show you what we have in store for the future, it’s bright, shiny and highly digitised."

It was stated that the received funds would be spent for customer base expansion, staff increase and launch of the company's bitcoin accounts.

Bitwala's spokesperson commented that their team rolled out the updated crypto solution in December, while by now they have also developed an application on iOS and Android.

For reference, the platform reported business restructuring due to the closure of its banking accounts and suspension of services for issuing pre-paid cards.

Commenting on the future, the company shared that they intend to launch extra accounts soon.

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31 July, 2019 16:22

← Coinbase exchange adds Tezos token

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