Crypto Banking Startup Bitwala Gets $14.5 Million USD Led

Blockchain-focused challenger Bitwala raises €13m

Bitwala, the challenger bank based on blockchain, has received a €13 million Series A funding round, led by Sony Financial Ventures and NKB Group.
The funds will boost Bitwala’s growth strategy to attract new customers, recruit talent, and start offering Bitcoin accounts for businesses.
“We started Bitwala to connect bitcoin to the conventional financial system and remain in line with supervisory requirements in one of the world’s strictest regulatory jurisdictions – Germany,” adds Jan Goslicki, co-founder and chief compliance officer at Bitwala.
Christoph Iwaniez, chief financial officer at Bitwala states: “While we are entering a new phase of expansion, it will be very hard to imitate our unique technical and regulatory setup or garner the same trust in the customer base.”
With retail customers in all 31 countries of the European Economic Area (EEA), Bitwala offers a free current account with a built-in bitcoin wallet as well as BTC trading options. Bitwala enables its customers to trade bitcoin directly out of a current account, hosted by Berlin-based solarisBank.
Bitwala charges a 1% fee for bitcoin trading, while the current account (B2C) and the Bitwala Debit Card come free of charge.
Since the new service’s launch in mid-December 2018, bitcoin worth more than €11 million have already been traded on Bitwala, an increase by €10 million since February 2019.
“When we started in 2015, we were three founders and a dog,” says Bitwala’s co-founder and chief technical officer Ben Jones.
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The co-founder of Bitwala, a man named Jan Goslicki, affirmed that the reason to create this company was to connect Bitcoin to the more traditional financial world. This, he affirmed, is something that most people simply do not believe to be possible, especially because the German regulation is pretty strict. Once you have an account, you can seamlessly integrate your daily banking activities – whether in bitcoin or Euro – into your everyday life.” – co-founder and chief technical officer of Bitwala, Benjamin Jones . Basically, Bitwala was founded in 2015 by Jan Goslicki, Benjamin Jones and Jörg von Minckwitz. Bitwala was founded by Jörg von Minckwitz, Jan Goslicki, and Benjamin P. Jones in October 2015. Users now will be able to maintain both Bitcoin and Euro deposits in one place with the security and accessibility of a German bank account. Bitwala accounts offer a debit card and a built-in bitcoin wallet with combined cryptocurrency trading. Founders: Jorg von Minkwitz, Jan Goslicki, and Benjamin Jones. Funding: €6.4M. Bitwala was introduced with a single mission: to create a disruption of the traditional banking sector. This disruption would lead to the eventual creation of a single account that would eventually lead to a seamless transition of the fiat and cryptocurrency worlds. Founders: Jan Goslicki, Benjamin Jones, Jörg von Minckwitz Funding: €19.4 million Founded year: 2015. Why its hot: German startup Bitwala operates with the mission to disrupt banking by building an account to seamlessly transition between the cryptocurrency and fiat worlds. It offers a bank account connected to crypto.

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