Bitwala announced that it is going to launch a new banking service for the customers with a real debit card. The debit card will allow users to purchase and trade cryptocurrency easily.
What is Bitwala?
Bitwala is a blockchain based payment service provider, on Monday they announced an online bank account service which will enable a seamless transition between the crypto and traders. Bitwala is operated by 57,000 users in over 200 countries.
Bitwala said that:
In the next few months, we will be building a full-fledged German bank account that will come with a German IBAN, BIC along with a real debit card from Mastercard…Your funds up to €100,000 will be guaranteed.
Bitwala accounts will be fully regulated by Federal Financial Supervisory Authority of Germany. The application for regulation is still pending. Bitwala says that their accounts will be the perfect solution for the users those who are seeking security and crypto friendly banking services. Customers will be able to buy and sell cryptos as well as they can manage their daily expenses.
Bitwala account will come with a debit card for the customers. The company says that debit cards will also “have much lower fees and higher spending limits,”. Bitwala says:
We will be issuing a contactless debit card, enabling you to spend your funds instantly in shops, online and at any ATM