Cryptocurrency News

German Crypto Banking Firm Bitwala Raises €13 Million

Berlin-based Bitcoin bank Bitwala announced that it has raised €13 million (around $14.5 million) in a Series A funding round led by Sony Financial Ventures and NKB Group. Existing investors Earlybird and Coparion contributed half of the funding.

As per the announcement, the funds will be used to expand the company’s customer base, add new staff and launch Bitcoin accounts for businesses.

Founded by Jan Goslicki, Benjamin Jones and Jörg von Minckwitz in 2015, Bitwala is currently the only European platform that combines a regular bank account with a Bitcoin wallet and trading options. Customers can easily buy and sell Bitcoin, online or on mobile, with fast liquidity directly from their bank account, hosted by solarisBank.

Bitwala’s co-founder and CTO, Ben Jones, said in a statement:

“Today, we are offering a bridge for both mainstream users and blockchain buffs, who want to interact with the emerging blockchain ecosystem – the growing digital economy spreading across the globe. While there is still huge upside potential, it has already been a humbling experience to see the ecosystem grow and for Bitwala to play such an important part in that.”

Bitwala claims to have clients in all the 31 member countries of the European Economic Area and to be the only bank providing a free account with integrated Bitcoin wallet and trading functionalities. The firm also states that deposits are insured up to €100,000 and that Bitcoin is held in multi-signature wallets to prevent having a single point of failure vulnerable to hackers.

Bitwala announced the SolarisBank partnership in October 2018, launching the licensed banking service later the same year. This followed the $4.5 million raised in September from venture capital firms Earlybird and Coparion

Bitwala raised $4.5 million in September from venture capital firms Earlybird and Coparion to develop its banking services.

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