The newly created system is scheduled for launch by November 2018. Over 30,000 users have already signed up for the groundbreaking service. The largest contributor to the project is Earlybird Venture Capital, which invested approximately 4 million EUR into the startup.
Bitwala was established three years ago to become a financial services firm aimed at improving the value exchange between the users in an effective and non-costly network. The firm has reached one of its primary goals by conducting a launch of its regulated services using blockchain innovations, facilitating a seamless switch from the traditional financial systems to digital currency.
The services offered by the German startup are created to give the customers the advantage of enjoying the services of a bank account of the German bank, which partners with the startup and proposes SEPA debit and credit transactions, simplified handling of regular settlements, and a debit card.
Users will be enabled to use their Bitwala accounts for multiple transaction purposes, including reception of wages and paying the utility bills. Apart from the fiat currency-related offers, the BTC bank accounts will allow the customers to directly access their digital funds and engage in cryptotrading.