Bitwala has made it clear they want to offer banking services. The cryptocurrency and blockchain firm is launching this service in Germany moving forward. More details regarding this project have come to light this week. It seems Bitwala will join forces with solarisBank to set up this new banking service.
Launching a new banking service is always challenging. This is especially true when the venture is launched by a company specializing in cryptocurrency and blockchain. Over the years, Bitwala made a name for itself by facilitating global money transfer using blockchain technology. Just last month, the company secured 4 million Euro in funding to launch their cryptobank project.
Bitwala Relies on solarisBank
By leaning on solarisBank to launch this cryptobank, an interesting situation is created. The company has received 35,000 pre-registration applications, which confirms there is a genuine interest in this particular service. It will provide a Bitcoin wallet service alongside traditional fiat currency services. Having the best of both worlds a tone’s disposal can be an interesting option to explore.
SolarisBank will take care of operating the Bitwala bank account. This also allows Bitwala clients to benefit from debit and credit transactions, as well as a debit card and recurring payment support. SolarisBank also provides the required banking license, which protects all Euro deposits of up to 100,000EUR under Germany’s deposit protection guarantee scheme.
This new partnership paints an interesting outlook. It shows banks and cryptocurrency firms can work together to launch innovative services. Given the initial interest in the cryptobank, it shows consumers are quite keen on services like these in this day and age. Bridging the gap between fiat currency and Bitcoin is a worthwhile venture. Both industries can peacefully coexist despite their key differences.