Bitwala, the first Germany-based cryptocurrency banking app serving the European Economic Area, today announced that it has raised an additional â¬ 13 million in a Series A funding round to accelerate growth and offer B2B accounts.
Global investors led by Sony Financial Ventures and NKB Group are investing in the company to help fuel its expansion. The funds will support Bitwala’s growth strategy to attract new customers, recruit talent and start offering Bitcoin accounts to businesses.
The Bitwala team reports retaining retail clients in the 31 countries of the European Economic Area (EEA), they offer a free checking account with a built-in bitcoin wallet as well as transparent BTC trading options. Bitwala allows its customers to exchange bitcoins directly from a checking account, hosted by solarisBank, based in Berlin. Bitwala charges a competitive 1% fee for bitcoin trading, while Bitwala Current Account (B2C) and Bitwala Debit Card are free.
âI couldn’t be more proud of the team! When we started in 2015 we were three founders and a dog: I never dared imagine Bitwala to grow into such a successful company with so many talented people and thousands of clients across Europe. Today, we provide a bridge for both mainstream users and blockchain enthusiasts alike, who want to interact with the emerging blockchain ecosystem – the growing digital economy that is 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 role in it. “
– Bitwala Co-Founder and CTO Ben Jones
Euro deposits up to 100,000 euros are protected by German deposit guarantee schemes. To protect clients’ bitcoin holdings in a decentralized manner, Bitwala offers on-chain multi-signature wallets.
âWe launched Bitwala to build something that many thought was impossible: to connect Bitcoin to the mainstream financial system and stay in compliance with supervisory requirements in one of the strictest regulatory jurisdictions in the world: Germany. We have done this for the growing community of blockchain evangelists in Europe and provide them with an easy, fast and secure place to build the world’s future economy. I want to thank the team for their daily dedication to making this possible. “
– Jan Goslicki, Co-Founder and Chief Compliance Officer at Bitwala
Notably, Bitwala is now Sony Financial Ventures’ very first investment in a premier crypto firm through its partner Sony Financial and Global Brain, one of Japan’s largest venture capitalists. Global Brain, as the general fund partner of Sony Financial Ventures, engages fintech startups around the world that have the potential to collaborate with the business units of the Sony Financial Group.
âWe share Bitwala’s vision for the future digital economy. Their intelligent positioning as a bridge between the conventional financial system and the blockchain promises great potential for mass adoption. Bitwala’s unique dedication to excellent online and mobile services, team drive, and exceptional professionalism are the focus in which our own blockchain expertise will help the business thrive.
– Yasuhiko Yurimoto, Founder and CEO of Global Brain