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Bitwala Launches Bank Accounts with Bitcoin Wallet and Debit Card

Alan Muli

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Bitwala, a German Blockchain startup, recently announced that it had started offering banking services to interested individuals in Germany. Prior to the launch, the crypto-banking service provider had already pre-registered 40,000 customers.

The service is still at the initiation stage and it is aimed to grow its support to other countries and incorporate a wide variety of cryptocurrencies. The project has been deemed to be a development that will not only change the whole perspective of cryptocurrencies but also that of banking services.

New banking service

The company announced that the service would be up and running beginning Wednesday 12th December 2018. The news comes as a relief for cryptocurrency faithful in Germany and across the globe. It is expected that more users will get on board once the operation is up and running. Berlin-based bank, Solarisbank, will host the accounts. Germany’s banking authorities, Bafin and Bundesbank, are tasked with supervising and overseeing the program since it has acquired a banking license.

Opening an account is an easy and fast process and only takes a few minutes without many requirements. Once one has submitted their ID and completed the “Know Your Customer process” through video verification, the account is created in a few minutes

Crypto support on bank accounts

For all new Bitwala accounts there will be a debit card offered to the users. The debit card will enable users to buy and sell BTC as well as manage their expenses. It will give individuals the freedom to controlling their bank accounts. A Bitcoin wallet is provided upon opening the bank account and it will enable management of BTC and euro deposits under one platform.

Bitwala accounts have been designed in such a way that users can receive salary payments. The accounts also allow users to carry out other transactions such as paying rent among other services. The service has introduced a new dynamic to digital currency in Germany and the future is certainly bright for the cryptocurrency industry in the country.

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