Bitwala partners with Berlin-based banking platform solarisBank to launch a bank account to seamlessly manage Euro and crypto funds from November
The innovative set of services includes cryptocurrency trading, a debit card, as well as regulatory protection of Euro deposits of up to €100,000
Bitwala launches new websites in German and English, which include an Crypto Academy section
Bitwala, the German blockchain banking service and solarisBank, the tech-platform with a German banking license, are partnering to build a bridge between the worlds of blockchain and traditional banking by connecting conventional bank accounts with cryptocurrencies. Bitwala’s expertise in cryptocurrencies coupled with the digital banking platform of solarisBank enable the launch of the first German blockchain bank account in November.
More than 35,000 Customers Already Applied
More than 35,000 customers have already pre-registered to be among the first to get access to Bitwala’s new service. The new offering helps customers to manage cryptocurrencies with unprecedented convenience and benefit from the high level of security and deposit protection commanded by German banking laws.
The setup between Bitwala and solarisBank will ensure that Euro funds in the bank accounts will be protected up to 100,000 Euro under the German deposit protection guarantee scheme and supervised by BaFin and Bundesbank, Germany’s banking supervisors.
The new bank account offers users SEPA transactions, easy management of recurring payments and comes with a debit card. Furthermore, the bank account features a built-in bitcoin wallet that allows convenient cryptocurrency trading with fast access to liquidity.
With the partnership announcement, Bitwala also launches its new website. It is now available in English and German and features a blockchain and cryptocurrency Academy section to help those who want to improve their knowledge on cryptocurrency and blockchain. To get early access to Bitwala’s crypto-first banking service users are invited to register here.
“We are very proud to partner with solarisBank as we launch our new product. Their technical services and regulatory umbrella enable Bitwala to be fully compliant with German banking requirements while offering a reliable user experience,” said Jörg von Minckwitz, President of Bitwala GmbH.
solarisBank launched its Blockchain Factory in July as a bridge between the worlds of cryptocurrencies and blockchain as well as conventional banking, answering the high demand from the industry for a licensed partner. Through the partnership with solarisBank, which holds a full German banking license, Bitwala’s new offering comes with the same safeguards and legal status as any German current account.
“We are excited to be working with Bitwala, a pioneer among Germany’s blockchain companies and the perfect fit for our Blockchain Factory. Together, we will be shaping a part of the future of this industry,” said Peter Grosskopf, Co-Lead of the Blockchain Factory at solarisBank. “The cryptocurrency and blockchain space still has a lot of challenges. Our solarisBank Blockchain Factory will help to build a bridge to the Fiat world by providing banking services as APIs and more crypto specific solutions“
Bitwala is Germany’s cryptocurrency flagship company founded in 2015. Together with its partner bank, Bitwala offers a bank account that combines easy and secure cryptocurrency trading and reliable everyday banking in one account. Bitwala’s investors include High Tech Gründerfonds, Germany’s biggest seed investor, ALSTIN, the investment arm of the Maschmeyer group, Digital Currency Group, a New York VC focusing on blockchain innovations, Earlybird Venture Capital and coparion.
solarisBank is the first banking platform with a full banking license which enables companies to offer their own financial products. Through APIs, partners gain access to solarisBank’s modular services including payments and e-money, lending, digital banking as well as services provided by integrated third party providers. Through this, solarisBank creates a highly developed technological banking ecosystem for fintechs, established digital companies, as well as banks and corporates.
The Berlin-based company was founded back in 2016 and is led by CEO Dr. Roland Folz, board members Jörg Diewald, Marko Wenthin and Andreas Bittner, as well as CFO Alexander Engel and CPO Dr. Jörg Howein. To date, solarisBank has raised more than EUR 95 million from renowned investors, including BBVA, Visa, Lakestar, ABN AMRO’s Digital Impact Fund, Arvato Financial Solutions, SBI Group, Finleap and yabeo.