Germany-based Bitwala inaugurates its revised crypto instrument for single bank account supporting bitcoin and fiat.
The new product is a result of cooperation with Berling's solarisBank (licensed banking company regulated by the Federal Financial Supervisory Authority BaFin and the European Central Bank).
As the company commented, the new instrument is designed to bring together cryptos and traditional banking. Specifically, users will be able to manage their deposits both in digital coins and euro via one account and enjoy reliable German banking service.
Bitwala explained that debit card and wallet will be added to every account making it easy to make crypto-to-fiat exchanges. In addition, Bitwala also offers deposit insurance for up to EUR 100,000, like any other bank in Germany.
According to the released data, the service will be available for German residents at first, though global expansion is planned in the near future.
"We are first launching our accounts in Germany and we plan to expand within the coming months. Onboarding will start from the top of the list and we’ll be onboarding substantially more people over the next months, so you shouldn’t have to wait long if you are further on the list," the company press release reads.
Notably, Bitwala offers free accounts and debit cards, while bitcoin trading will b subject to 1% transaction fee.
For now, more than 40,000 customers have passed pre-registration.
For reference, the company expressed intentions to revise business in early 2018 following the end of Visa-WaveCrest cooperation. Besides, Bitwala reportedly received funding from EarlyBird and COPARION fund this September.