Bitwala launches Crypto Banking Services
Bitwala is launching banking services with the help of debit cards. Also, once it gets the license from the Federal Financial Supervisory Authority in Germany, it will be able to guarantee funds of customers up to € 100000. In the past, however, its interaction with the regulatory authority have been not so positive. The regulatory authority has suspended the Visa prepaid cards of the company.
New banking service:
Bitwala is developing a banking platform based on the blockchain technology. It is trying to make a bridge between the Fiat currency as well as cryptocurrencies. An account with the blockchain-based bank will provide the customers with the entire facilities of a cryptocurrency exchange as well as in a normal bank. According to the company, it will be able to launch such a card within the next few months.
The total number of users of the company currently stands at around 5700. The users are spread across 200 different countries. According to the company, in the next few months, they will be able to procure the banking license which will enable them to open the customer bank accounts. Thereafter, funds up to € 100000 will be guaranteed.
The company further stated that with the help of this bank account, the consumers will be able to access cryptocurrency exchange facilities as well as normal banking facilities. They will be able to use the debit cards in order to use the account balance. Moreover, they would be able to trade in cryptocurrency like normal.
Each and every account owner will be able to get debit cards along with the account. This will make it much easier for the cryptocurrency bank account owners to use the funds which are there in the account. Moreover, the spending limits will be on the higher side. Comparatively, the fees will be on the lower side. This is the reason why these accounts will be pretty lucrative for most of the consumers.
Also, as the company is trying to bridge the gap between cryptocurrency as well as normal Fiat currency, it will be able to gain quite a few customers. With the help of debit card, customers will be able to use their account balance quite easily. This will help most of the customers to utilize the funds for investing in cryptocurrency as well as for their normal day-to-day expenses.
This platform has far more offerings as compared to just another cryptocurrency platform. This is the reason why it is gaining quick traction.