German Blockchain Banking Group Bitwala Raises €13 Million Through Series A Funding Round

German blockchain banking group Bitwala announced on Wednesday it secured €13 million through its Series A funding round, which was led by Sony Financial Ventures and NKB Group. As previously reported, Bitwala’s mission is to empower people to exchange ideas. The company recently secured €4 million to launch what it claims to be Germany’s first blockchain banking service.

“Bitwala is growing fast: Since the new service’s launch in mid-December 2018, bitcoin worth more than 11 million Euro have already been traded on Bitwala, an increase by 10 million Euro since February 2019. About half of the customer base resides in Germany – most other European Bitwala customers live in Austria, U.K., Switzerland, Italy, or France.”

Speaking about the funding round, Bitwala’s Co-Founder and Chief Technical Officer, Ben Jones, stated:

“I could not be more proud of the team! When we started in 2015, we were three founders and a dog: I never dared to imagine for Bitwala to grow into such a thriving business with so many talented people and thousands of customers across Europe. 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.”

Jan Goslicki, Co-Founder and Chief Compliance Officer at Bitwala, also commented:

“We started Bitwala to build something which many thought was not possible: Connecting Bitcoin to the conventional financial system and remain in line with supervisory requirements in one of the world’s strictest regulatory jurisdictions: Germany. We did it for the growing community of blockchain evangelists in Europe and are offering them an easy, swift, and safe place to build the world’s future economy,” said . “I want to thank the team for their daily dedication in making this possible.”

Bitwala is planning to use the investment round’s funding to continue growth and development of its platform.

German Blockchain Banking Group Bitwala Teams Up With solarisBank to launch Cryptobank Services

On Tuesday, German blockchain banking group Bitwala announced it has teamed up with solarisBank to launch its new cryptobanking services. According to Bitwala, nearly 35,000 customers have already pre-registered to be among the first to get access to new service, which helps customers to manage cryptocurrencies with unprecedented convenience and benefit from the high level of security and deposit protection commanded by German banking laws.

Bitwala reported that the partnership with solarisBank will ensure that Euro funds in the bank accounts will be protected up to 100,000 Euro under the German deposit protection guarantee scheme and supervised by BaFin and Bundesbank, Germany’s banking supervisors.

“The new bank account offers users SEPA transactions, easy management of recurring payments and comes with a debit card. Furthermore, the bank account features a built-in bitcoin wallet that allows convenient cryptocurrency trading with fast access to liquidity.”

Along with the partnership announcement, Bitwala launched its new website, which is now available in English and German and features a blockchain and cryptocurrency academy section to help those who want to improve their knowledge on cryptocurrency and blockchain. Speaking about the partnership, Jörg von Minckwitz, President of Bitwala, stated:

“We are very proud to partner with solarisBank as we launch our new product. Their technical services and regulatory umbrella enable Bitwala to be fully compliant with German banking requirements while offering a reliable user experience.”

Peter Grosskopf, Co-Lead of the Blockchain Factory at solarisBank, went on to add:

“We are excited to be working with Bitwala, a pioneer among Germany’s blockchain companies and the perfect fit for our Blockchain Factory. Together, we will be shaping a part of the future of this industry.”

Founded in 2015, Bitwala’s mission is to empower people to exchange ideas. The company recently secured €4 million to launch what it claims to be Germany’s first blockchain banking service.