The other day, a German banking startup Bitwala announced the launch of its smartphone application designed for banking services in bitcoins on iOS and Android. Now customers in more than 30 European countries can open an account with a German bank with a built-in bitcoin wallet and trading.
The registration process for new customers is integrated directly into the application. It uses the video identification function, thanks to which residents of the entire European Economic Area can be verified and open an account within a few minutes.
“By opening an account, you can easily integrate your daily banking activities – in bitcoins or euros, into your daily life,” said Benjamin James, technical director of Bitwala.
A free Mastercard debit card is provided, and deposits of up to £ 100,000 are covered by the German deposit guarantee system.
An integrated bitcoin wallet works the same as regular online banking. In this regard, it differs from an account on the cryptocurrency exchange, since it can be used for daily financial management.
Users can buy and sell bitcoins directly from their bank account. The wallet has the function of BTC P2P transfers to friends and family, and transactions can be authorized using biometric data. In this case, private keys are always stored at the client.
“With Bitwala, your bitcoins can be booked directly on the blockchain through a wallet with several signatures. This is another way to remind you that hacking Bitwala is as useless as hacking the blockchain itself.
Our customers have full control over their Bitcoin wallets, ”commented Christoph Ivaniz, Bitwala CFO.
Last month, Bitwala raised £ 13 million during a round of financing.