Germany Residents can now Mange their Crypto and Fiat Bank Accounts in one Place Using, Bitwala

Germany Residents can now Mange their Crypto and Fiat Bank Accounts in one Place Using, Bitwala

Germany crypto

Based on a recent report, Bitwala, a Cryptocurrency banking provider has started offering its banking service to interested users across Germany. The company made it known that it will be rolling out this service starting with 40,000 pre-registered customers. The company has also made it known that it has plans to increase the number of supported cryptocurrencies and countries as time goes on.

40,000 Pre-Registered Customers

According to the announcement released by the company today, the “New users along with the 40,000 pre-registered customers will be onboarded one after the other based on their waitlist place,”

A spokesperson from the bank, Roman Kessler revealed that the bank accounts are hosted by a Berlin-based bank called Solarisbank. The bank is said to have a license to provide centralised banking functions boarded and its activities are supervised by Bafin and Bundesbank, Germany’s banking authorities.

Roman further stated that:
“For now, only German residents can go through the KYC [know-your-customer] process. Very soon, hopefully already in January, this will be extended to other jurisdictions inside of the EU.”

The New Bitwala bank accounts will be accompanied by an Iban and a contactless debit card. Through this, users of the account will have the luxury of buying and selling Bitcoin as well as manage their expenses on the platform.

Another important function of the Bitwala account is the ability to manage both BTC and euro deposits on a single platform.

Christoph Iwaniez, the company’s chief financial officer, further explained this in a statement which reads:
“The new bank account offers users SEPA transactions, easy management of recurring payments, and comes with a debit card for on-the-go payments and ATM cash withdrawals, ”

He continued:
“For instance, customers will be able to use their Bitwala account to receive salary payments and pay their rent. And if you want to trade bitcoin, you can draw liquidity from the same current account.”