Sunday, 23 February 2020

Bitwala, solarisBank join forces for blockchain banking account

Blockchain banking service Bitwala is joining forces with Germany-based fintech company solarisBank to connect conventional bank accounts with cryptocurrencies.

Bitwala’s expertise in cryptocurrencies coupled with the digital banking platform of solarisBank enable the launch of the first German blockchain bank account in November.

Almost 35,000 customers have already pre-registered to be among the first to get access to Bitwala’s new service. The new offering helps customers to manage cryptocurrencies with unprecedented convenience and benefit from the high level of security and deposit protection commanded by German banking laws.

The setup between Bitwala and 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.

With the partnership announcement, Bitwala also launches its new website. It 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.

Bitwala president Jörg von Minckwitz said: “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.”

solarisBank launched its Blockchain Factory in July as a bridge between the worlds of cryptocurrencies and blockchain as well as conventional banking, answering the high demand from the industry for a licensed partner.

Through the partnership with solarisBank, which holds a full German banking license, Bitwala’s new offering comes with the same safeguards and legal status as any German current account.

solarisBank blockchain factory co-lead Peter Grosskopf said: “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.

“The cryptocurrency and blockchain space still has a lot of challenges. Our solarisBank Blockchain Factory will help to build a bridge to the Fiat world by providing banking services as APIs and more crypto specific solutions.”

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