Bitwala has announced that it plans to become the first crypto bank in Germany and develop blockchain banking. For customers, this means they will be provided with a MasterCard contactless debit payment card and the new business will be IBAN and BIC compliant.
As company representatives note, an application for permission to launch a new platform has been submitted to the German Federal Financial Supervisory Authority (Bafin).
If the company receives a positive decision on its issue from the financial regulator, its guarantees will be able to cover up to €100 thousand of service clients.
Bitwala, which owns the Bitcoin wallet of the same name, plans to combine all the advantages of conventional banking with an emphasis on digital currencies. For example, the state of a crypto wallet can also be seen on a debit card, which, according to the company, is a definite plus.
Company representatives are confident that this will help reduce commissions and increase the number of payments made by users.
Recall that Bitwala announced its intentions to continue operating as a crypto bank in early January of this year. It is worth noting that the work to change the company’s main activity was carried out quite quickly.
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