Bitwala announced two days ago, on August 29, that they will launch an iOS and Android App. Mobile users will be given the opportunity to open a German Bank account with an integrated bitcoin wallet and trading platform.
As it is stated in the press release report, “the account opening process is just reduced to just a few minutes”. Biwala will also enable more than 30 European countries to buy, sell and store bitcoins.
The accounts are hosted by solarisBank. SolarisBank is a Berlin-based tech platform with a German banking license and it is supervised by the Federal Financial Supervisory Authority (BaFin).
The German company will also provide its account holders with a free debit card that can be used for payments and withdrawals at over 40 million locations around the world.
Bitwala is Germany’s cryptocurrency flagship with the mission of building the bank to bridge traditional and Blockchain-based finance. Customers can easily buy and sell bitcoin – whether online or mobile – with fast liquidity directly from their bank account, hosted by a German partner bank. Bitwala only charges a competitive 1 per cent fee for every bitcoin trade.
Customers in all 31 countries of the European Economic Area can access the benefits of a German bank account. Euro deposits up to €100,000 are protected by the German deposit guarantee scheme.
To protect the bitcoin in the Bitwala wallet, the private keys remain in the hands of the customer. The high legal and technical standards render Bitwala one the safest and quickest ways to trade and manage Bitcoin holdings.