Bitwala, a German company that offers banking solutions based on blockchain technology, announced on Tuesday the launch of a bank account in cryptocurrencies, from the strategic partnership with the company FinTech SolarisBank. According to the news, disseminated through a press release, the new service will be launched in November and already has about 35,000 people pre-registered.
The idea is to combine all the characteristics of traditional banking services with cryptocurrencies. In this way, customers will be able to carry out transactions with both fiat money and cryptos with a debit card and a digital wallet for Bitcoin (BTC).
Bitwala notes that the transactions carried out through the new service will be covered by the German operating license held by SolarisBank and will be compatible with the Single Euro Payments Area (SEPA). Therefore, the funds in the bank accounts will be protected up to 100,000 Euros, under the supervision of the German financial authorities BaFin and Bundesbank.
Bitwala teamed up with SolarisBank to offer new bank account in cryptocurrencies solution in Germany
“We are very proud to partner with SolarisBank in launching our new product. Its technical services and regulatory umbrella allow Bitwala to comply with German banking requirements while offering a reliable user experience,” said Jorg von Minckwitz, Bitwala CEO.
In this sense, SolarisBank’s proposal seeks to build a bridge between cryptocurrencies, blockchain technology, and the regulated financial system, with the mission of offering companies in the emerging cryptocurrency ecosystem the possibility of having a regulatory and legal infrastructure that allows them to connect the world of cryptos with that of fiat money.
“The cryptocurrency space and blockchain still have many challenges. Our SolarisBank Blockchain Factory will help build a bridge to the fiat world by providing banking services such as APIs and more specific cryptographic solutions,” said Peter Grosskopf, SolarisBank CTO.
The project of bank accounts in cryptocurrencies has been prepared since last July when Bitwala reported on the plan. Before that, in January 2018, the company had to suspend its prepaid debit cards when it ceased to have the backing of Visa.