German Company Bitwala Receives €4 Million For Launch Of Blockchain Service
Bitwala, the company based in Germany, is launching a blockchain service that will allow platform users to manage their funds in euros and bitcoins via a consolidated bank account, CCN reports.
The project launch is planned for the end of autumn 2018. The customer base already has 30,000 subscribers. Earlybird Venture Capital, the first major investor of the new blockchain startup, will allocate a sum of €4 million.
Bitwala, established in 2015, initially provided services to boost transactions between customers within the efficient and economical system. According to Jörg von Minckwitz, the head of the firm, they intend to make a smooth transition from traditional financial systems to digital ones through the new blockchain platform.
The new crypto and fiat tool will provide customers with access to the services of German bank accounts on the Bitwala platform. Their owners will be able to use them for numerous financial transactions, including receiving salaries or paying rent. Besides, the customer can trade digital assets via his BTC bank account.
Deposits of the clients will be insured up to €100,000 under the German deposit protection system. The accounts will be controlled by the responsible group of the Bundesbank and the Federal Financial Supervisory Authority (BaFin).
As previously reported, the German financial institution Valens Bank offered its clients crypto trading services.