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All-in-one Bitcoin blockchain banking app launched by Germany’s Bitwala

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Bitwala, popular Germany based startup based on blockchain, has launched a new blockchain banking smartphone application that serves as a comprehensive platform for Bitcoin as well as conventional banking solutions. The app is available on both Android and iOS offering customers across 30 EU nations access to trading in Bitcoin and a Bitcoin wallet with a simple-to-operate bank account in Germany.

Bitwala serves 31 European nations offering a multitude of blockchain services. The USP of the firm is their Mastercard debit that allows cash withdrawals and payments at more than 40 million sites globally with no charges whatsoever. Bitwala reportedly raised $14.5 million last month in a funding round. Moreover, being a German startup, its credibility is higher amongst peers since the country views cryptocurrencies positively.

Bitwala’ blockchain banking app combines banking and crypto perfectly

As per the press release dated August 29, customers can quickly set up a blockchain banking app using video verification within a few minutes. The application further offers users the ability to store, sell, and purchase Bitcoins on their smartphones, thereby providing them a unique platform for both crypto services and conventional banking solutions.

Bitwala’s Chief Financial Officer, Christoph Iwaneiz further said that the company’s multi-signature wallets are highly secure when it comes to storing and using Bitcoins. Account-holders are entirely in charge of their Bitcoin wallet since it is powered by the back end security that powers the blockchain itself.

Bitwala proudly claims itself to be a blockchain leader. However, recently, the platform has been trying to enter the financial realm by providing banking solutions to both crypto and fiat currencies. Bitwala says that up to 100K Euros in deposits are covered under the German deposit guarantee scheme, thereby increasing the credibility quotient of the bank compared to its peers.

The application’s built-in P2P functionality allows users to seamlessly send Bitcoins to their family and friends. Biometric security to authorize transactions further adds to the protection quotient of the wallet. Customers hold private keys throughout the transaction period.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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