0
📰 News
681 views

Bitcoin Now to Be Used in EU Through Special Banking App Launched by Bitwala

  • Yuri Molchan
    📰 News

    A German-based crypto firm Bitwala spreads the word about an upcoming launch of a mobile app that will allow users to create Bitcoin bank accounts

Bitcoin Now to Be Used in EU Through Special Banking App Launched by Bitwala
Contents

A crypto startup Bitwala headquartered in Berlin plans to make it easier for crypto fans to use Bitcoin by launching a special Bitcoin banking app, both on Android and iOS.

Now, crypto holders all around the European Union (31 countries) can set up a German bank account that will have an integrated BTC wallet and a trading function available. This procedure will take up just a few minutes, as per the Bitwala CTO.

Details are available in the company’s official press release.

Bitwala makes its contribution to BTC adoption

In the release, the co-founder of Bitwala and its CTO Benjamin Jones says that the app will enable customers to conduct financial activities both with Bitcoin and Euro.

As per the document, currently, Bitcoin bank accounts are supported by SolarisBank, a technical platform located in Berlin. It has a license from the local regulator BaFin.

Deposits in this bank that do not exceed 100,000 Euros will be under protection according to the German deposit guarantee mechanism.

As per Bitwala’s CFO Christoph Iwaniez, customers will be able to hold entire control of their wallets, and their balances of BTC will be booked directly on the blockchain through the use of a multi-sig wallet. Users will be able to hold their private keys.

👉MUST READ

John Bollinger Warns Crypto Traders About Major Bitcoin Price Move

John Bollinger Warns Crypto Traders About Major Bitcoin Price Move

Other functions of the Bitwala BTC wallet

The new wallet by the German-based company will enable customers to make P2P crypto payments, use a QR code for payment requests. Besides, they will be able to confirm funds transfers with biometrics.

Cover image via www.123rf.com
Subscribe to the official U.Today Telegram channel. Get news first!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

👓 Recommended articles
0
📰 News
274 views

Crypto Crime: 21-Year-Old Australian Woman Faces 53 Charges for Laundering Stolen Funds with Cryptocurrency

  • Alex Dovbnya
    📰 News

    Jasmine Vella-Arpaci, who was part of the major identity fraud ring, faces up to 53 charges after stealing millions of dollars

Crypto Crime: 21-Year-Old Australian Woman Faces 53 Charges for Laundering Stolen Funds with Cryptocurrency
Contents

On Sept. 17, Jasmine Vella-Arpaci, a 21-year-old woman from Australia, made her first court appearance after being accused of shipping millions of dollars with the help of crypto. The young mother has been charged with 53 counts of fraud and theft.

👉MUST READ

"Crypto Wizard" Arrested for Taking Part in $16 Mln Cryptocurrency Scam

A multi-million identity fraud

According to the Australian Securities and Investments Commission (ASIC),.the group of criminals, whose members referred to themselves as “Team Awesome,” would purchase stolen sensitive information on the dark web to open fake bank accounts in Australia. The funds were stolen from superannuation accounts and share-trading accounts of the gang’s unsuspecting victims.

The money was then transferred money to their accomplice in Hong Kong to trade expensive jewelry before sending it back home via cryptocurrencies.

Cybersecurity threats such as data breaches and financial system attacks are a major concern for ASIC and we will continue to pursue not only cyber-related market and superannuation offending but also the need for institutions to maintain their obligations to ensure they have adequate cyber resilience, says ASIC deputy chair Daniel Crennan

The investigation into the major crime syndicate continues with further arrests expected.

👉MUST READ

Canadian Police Shed Light on New Bitcoin ATM Scam

Canadian Police Shed Light on New Bitcoin ATM Scam

Crypto scams on the rise

As reported by U.Today, cryptocurrencies scams have grown by more than 200 percent in Australia in 2018 with victims losing about $6.1 mln.

In 2019, this number could be easily topped. Back in July, an elderly couple lost a whopping 900,000 to an elaborate crypto scam, thus wasting all their retirement savings.

Cover image via
The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings