Company Bitwala announced the launch of the new banking services and debit cards for holders of cryptocurrencies. The application is under consideration of the financial supervisory service of Germany (Bafin). After starting the service, customers will be given a guarantee of safety of funds up to EUR 100000.
In the Monday statement of payments blockchain startup Bitwala announced the creation of a service for online banking services crypto "accounts, which would allow for uninterrupted transactions between crypto and fiat world. The proposed bills will combine in themselves the whole functionality of traditional banking systems with crypto economical.
"We're going to start the new Bitwala accounts in a few months", the company's announcement.
According to provider interview, the company currently has 5700 users in 200 countries, which can already apply for pre-registration:
"Within a few months we will present the German bank crypto accounts the IBAN and BIC, as well as a real debit card from Mastercard. Your money will be protected with an insurance of up to 100000 euro."
Crypto debit cards and accounts are fully regulated by the Federal service for financial supervision in Germany", the company reported, adding that the application is below the phase of the regulatory approval process.
Bitwala argues, "Crypto accounts will become a perfect solution for those looking for a safe and friendly cryptocurrency banking service". Customers will be able to buy and sell digital currency, as well as manage day-to-day expenses and implement debit calculations, explained to the operator. The account will be available bundled with a debit card service:
"We will be releasing contactless debit cards that allow you to pay immediately in stores, online or withdraw money from ATMs."
The operator reported that the transactions on these cards would be significantly cheaper on commissions and limits on spending, in comparison with the proposed previously anywhere.
Earlier, the 5th of January, the company announced the closure of Wavecrest Holdings Limited issued prepaid cards.
"Our card issuer Wavecrest Holdings Ltd obtained an injunction from a company Visa Europe to block the card immediately," Bitwala said in the announcement.
Visa also announced the deletion of the "network of Wavecrest cards for violation of the rules regarding the use of Visa". Wavecrest provided similar services also crypto companies like Cryptopay, Wirex, and Tenx. "Now all these cards are not valid, the CNBC.
Let us hope Bitwala will hold its battle against the bank monopoly and survive, offering the world a pioneer service with the best flexibility and commissions to date.
Bitwala will hold its battle against the bank monopoly and survive, offering the world a pioneer service with the best flexibility and commissions to date.