Bitwala announced the launch of Bitcoin banking app on iOS and Android. The German blockchain-based banking startup Bitwala is present in over 30 European countries, and now it opened a German bank account with integrated Bitcoin wallet and trading.
The current accounts are hosted by solarisBank, a Berlin-based tech platform with a German banking license, and are supervised by the Federal Financial Supervisory Authority (BaFin) – Press release.
To start with the new bitcoin baking, customers need to use a video identification feature. With this, residents throughout the European Economic Area can verify and open an account within minutes. However, new customers have been directly integrated into the app.
With the new banking app, users can buy and sell Bitcoin directly from their bank account. The wallet has P2P functionality that enables customers to transfer Bitcoin to family and friends. Private keys are all-time held by the customer.
Since 2015 Bitwala has come a long way with the aim to provide an all-in-one platform combining a regular bank account with Bitcoin wallet, and bitcoin trading options. It charges a 1 percent fee for bitcoin trading.