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

Libra Coin News
Sat, 08/31/2019 - 09:37
Yuri Molchan
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
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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.

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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.

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.

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