German blockchain startup Bitwala has launched its all-in-one bitcoin banking platform. It allows banking with euros, but also buying and selling bitcoin. The platform is available for clients in 31 European countries. Each account gets a free Mastercard debit card to spend or withdraw money at zero fees.
An account is easy to setup. It only requires a video call to verify the customer’s identity. A national ID card and a valid proof of address are needed to get started. Everything can be done through the app. Because of that there’s no need to leave your house.
Clients can block a stolen card directly from within the app. Notifications allow users to remain aware of all transactions. Bitcoin trading requires a 1% fee, while the account and debit card are free of charge.
At the moment Bitwala is the only banking service in Europe that’s freely available and integrates a bitcoin wallet. The bitcoin banking app allows bitcoin transfers by entering addresses, but also through QR-codes.
SolarisBank hosts the banking accounts. The Federal Financial Supervisory Authority (BaFin) supervises them, because they have a German banking license. Bitwala promises that their bitcoin banking app is safe, easy and fast. Clients can open a new account within minutes.
“With Bitwala your bitcoin are booked directly on the Blockchain via a multi-signature wallet. This is another way of saying that hacking Bitwala is as useless as breaking the Blockchain itself and that our customers are fully in control of their Bitcoin wallets at all times. Therefore, we are the safest way to buy, sell, and store bitcoin – now even on your smartphone,”Christoph Iwaniez, Chief Financial Officer at Bitwala. (2/9/2019)
Also published on Medium.