Cryptocurrency Startup Bitwala Banks €13 Million in Series A

The series A round landed Bitwala €13 million and brings the FinTech’s total funding to €18.2 million. The round was co-led by Global Brain, Sony Financial Ventures, and NKB group, and existing funders Earlybird and coparion participated. 

Crypto-First Banking Service 

The FinTech provides customers cryptogateways. Their industry-leading technology means that users can trade bitcoin directly out of an account. Bitwala offers customers a low competitive exchange fee of 1% per bitcoin. 

Bitwala provides a unique protection for customers via the German Deposit Guarantee schemes for deposits up to €100,000. They partner with German banks to offer customers on-chain, multi-signature wallets for maximum security. 

“Today, we are offering a bridge for both mainstream users and blockchain buffs, who want to interact with the emerging blockchain ecosystem – the growing digital economy spreading across the globe. While there is still huge upside potential, it has already been a humbling experience to see the ecosystem grow and for Bitwala to play such an important part in that,” said Bitwala’s co-founder and Chief Technical Officer Ben Jones.

The Host with the Most

Bitwala currently hosts customers in all 31 countries of the European Economic Area (EEA). Their unique free wallet is the only Bitcoin gateway that allows customers to bank directly from a current account. This latest round of funding will kickstart the company’s bid for B2B sales. Bitwalla has also stated in a press release that they will use the money to grow the company and hire. 

“This Series A investment is also a token of trust from both existing and new investors. It is a recognition of our efforts and the high potential of Bitwala’s competitive advantage. Fueled by many recent endorsements, we are now bent on speeding up our growth,” said Christoph Iwaniez, Chief Financial Officer at Bitwala. “While we are entering a new phase of expansion, it will be very hard to imitate our unique technical and regulatory setup or garner the same trust in the customer base.”

 

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