Bitwala has announced that it will provide its customers with real bank accounts. This is made possible through cooperation with a partner bank. With features such as an IBAN or a debit card, this marks an important step in the direction of Bitcoin adoption.
Anyone who visited Bitwala’s site in recent weeks, noticed that they have big plans: Blockchain banking, a version of online banking for Blockchain, is being announced.
When looking at the page, detail is a little unattractive: Mentioned features are provided with a footnote, which reminds interested people to be patient, because advertised products and services are not yet available.
We recall that there was some difficulty with Bitwala’s VISA cards early in the year : VISA has withdrawn its license from the issuing bank, WaveCrest, so that those prepaid issuers that worked with WaveCrest could no longer issue any cards. For BitWala, VISA’s decision regarding WaveCrest made some products unrealizable.
Bitwala – with a partner bank to Bitcoin Bank
Something seems to be changing with this status: Advertised services are now becoming reality. Together with a partner bank, Bitwala will provide users with a full bank account linked to an IBAN and a MasterCard-based card. This should be a debit card that is linked directly to the account, so you can use it like a regular debit card. In addition, customers should be given the same security as regular banks. Thus, Bitwala accounts will be hedged up to 100,000 Euros. So that this protection does not stand in the way of the ideals of cryptocurrencies, the individual user retains his private keys. For example, he can participate in every upcoming Bitcoin fork. Regarding the link with an IBAN number, it should be emphasized that this allows for classic handling, as known from online banking – a feature Revolut does not have. More details can be found recently Press release to be taken.
Jörg von MinckWitz, Bitwala CEO, sees this development as an important and deserved milestone for the entire company:
“I’m proud of the Bitwala team. We had really difficult start of 2018, but everyone was holding together and doing their very best. Our bank accounts are the result of months of hard and meticulous work by the entire team. “
All this is currently under construction and will be available by the middle of the year. In the first step, existing customers will be able to enjoy the new features, but those interested can now register in a waiting list.
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