The German Blockchain-based payment service provider announced that it is launching a new “crypto-first” banking service for German customers, complete with accounts, international bank account numbers (IBAN), SWIFT codes, and corresponding debit cards, reported Tuesday, Feb. 27.
An application process is currently underway with the German Federal Financial Supervisory Authority (BaFin) to approve the project. The payment service provider highlights that German deposit insurance will protect customer funds for amounts up to 100,000 euro.
The service labelled “blockchain banking” will offer Bitwalas’ customers a comprehensive package for trading and paying with and other cryptocurrencies. With the integration of bank accounts, the service will also enable normal bank transfers and the use of credit cards.
This is Bitwala’s second attempt to offer debit cards for cryptocurrencies. Previous plans were thwarted when with the debit card provider Wavecrest. Almost all providers of crypto cards have suffered from some kind of restrictions by major credit card corporations.
The Swiss startup Volines was forced to its business as a result of major card providers refusing to cooperate.
Published at Thu, 01 Mar 2018 01:04:43 +0000
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