Germany: Blockchain Service Bitwala Introduces Crypto-First Banking
This article previously stated that Bitwala's new banking service is for German customers, whereas the company actually plans to make their German-based service available globally. The article has been updated to reflect this change.
The German Blockchain-based payment service provider Bitwala announced that it is launching a new “crypto-first” banking service complete with accounts, international bank account numbers (IBAN), SWIFT codes, and corresponding MasterCard debit cards, Cointelegraph Deutsch reported Tuesday, Feb. 27.
An application process is currently underway with the German Federal Financial Supervisory Authority (BaFin) to approve the project. The payment service provider highlights that German deposit insurance will protect customer funds for amounts up to 100,000 euro.
The service labelled “blockchain banking” will offer Bitwalas’ customers a comprehensive package for trading and paying with Bitcoin and other cryptocurrencies. With the integration of bank accounts, the service will also enable normal bank transfers and the use of credit cards.
This is Bitwala’s second attempt to offer debit cards for cryptocurrencies. Previous plans were thwarted when Visa ceased operations with the debit card provider Wavecrest. Almost all providers of crypto cards have suffered from some kind of restrictions by major credit card corporations.
The Swiss startup Volines was forced to completely close its business as a result of major card providers refusing to cooperate.