The application to operate a bank is in process and with it Bitwala would be the first crypto-bank.

Like any company that suffers a stumble Bitwala got up and did it with more force since after Visa will void your agreement/ contract with Wavecrest and, having to suspend their money transfer service and Bitcoin debit cards, they decided to put a solution to this, open their own cryptocurrency bank.

On February 26, through its website, the company announced that they are in the process of opening an online bank in Germany and thus be able to achieve "a perfect transition between cryptocurrencies and fiat transfers worldwide."

Your application is in process with the Federal Financial Supervision Authority (BaFin) in Germany and with this it offers security not only to individuals but to investors and credit institutions since by formally establishing itself and being fully regulated as a bank, its clients will have a German bank account (a German IBAN and BIC), along with a real debit card from MasterCard.

In their publication they also mention that in this way the funds of all users will be guaranteed up to € 100.000.

The company has launched a pre-registration for anyone who wants to be a Bitwala bank customer to be among the first to have their account once the German authority gives them the authorization to operate.

Benefits

As I have already mentioned above, this bank will bring many benefits for everyone:

Clients

Having a real bank account that works with cryptocurrencies allows us to have an account number and a debit card, which eliminates the limits that prepaid cards have, deposits will be faster and commissions will be lower, changes between currency and cryptocurrency They will be at the moment and in the eyes of the governments we will not be “evading” taxes since everything will be visible.

Speculators

Everyone who does trading sees how cryptocurrencies rise in value and achieve better stability when news like this appears and it is no wonder since it is the wish of all of us who handle these currencies, that they be accepted by everyone and be able to go to a trade and pay with them directly.

Currently, although Bitwala has only 22 employees, it operates in more than 200 countries and has more than 70.000 users.

Source:
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