Bitwala, the German-based blockchain payments startup, recently announced the company had managed to secure €4 million it needed in new funding, aimed at assisting with the development of a planned blockchain bank account solution.
Other participants in the round were VC firms Coparion and Earlybird, according to a 25 September Bitwala blog post. The newly acquired funding will go toward the continued development of its innovating product line, which includes the establishment and launch of what Bitwala calls “a fully regulated blockchain bank account”, stating it to be a world-first.
The company claims, since the initial unveiling of its promising new product line during August last year, their planned innovative solution had amassed a wait list comprising in excess of 30,000 potential new users. Bitwala’s announcing blog post also stated the company have to date experienced an incredible year, having grown their customer base by the first week in January to exceed 80,000 users despite having to temporarily suspend their services during the same week.
Bitwala President, Jörg von Minckwitz commented in the post stating he felt very proud of their new product. It will allow them to close the gap between traditional and crypto banking, thereby solving one of the largest financial hurdles to mainstream adoption.
The company further stated its blockchain banking product would go live in November of this year in partnership with a to-date unrevealed bank that is under the jurisdiction of German regulatory authorities. This is ideal for a broad spectrum of punters, especially those interested in sports betting with leading online bookmakers who want access to accurate information with respected bookmakers through the use of sites such as Nostrabet, bookmaker reviews, bonuses and betting tips. This type of information is critically important for punters as it gives them a deeper insight into the bookmaker and their value.
Earlybird partner, Christian Nagel commented saying the experience and background of the Bitwala team convinced them Bitwala would allow everybody to engage with cryptocurrencies while retaining all the security and comfort offered by their conventional bank account.
In addition, Bitwala highlighted a number of their past hurdles during the announcement, reminding all that Bitwala was one of several companies forced to suspend all debit card services in the wake of Visa brought the membership of the Wavecrest Holdings payments solutions company to an abrupt end.
Bitwala has a company vision of empowering people with the ability to exchange currency values as easily as exchanging ideas, instantly, globally, at the lowest cost possible. The company’s founding mission aims at disrupting traditional banking methods and practices by bringing about a smooth, trouble-free transition between the fiat and crypto worlds.
The company is staffed by a team of 22 people from 13 nationalities, working together to provide convenient blockchain banking products, while sharing the same belief that everyone should enjoy financial freedom with Bitcoin having paved the way allowing us to gain complete control of our finances.
To date, the company built strong relationships with a number of fantastic investors while enjoying support from individuals sharing a similar passion for Bitcoin and its supportive technology. Its current list of investors includes Digital Currency Group, Alternative Strategic Investments, and High-Tech Gründerfonds. Bitwala’s crypto payment solution will become of the most convenient financing solutions for international players preferring to play, fund their wagering hobby, and trade in cryptocurrencies.
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