German crypto bank opens for business

posted 6 months ago
Germany-based crypto payments startup Bitwala is now offering crypto banking services in the country. Claiming the launch is Europe’s first such banking solution, the service becomes available via a partnership with local fintech firm SolarisBank that has a banking license and thus is fully regulated.

Bitwala said that Users can now manage both Bitcoin and euro deposits in one place with the “safety and convenience” of the German bank account. Accounts and debit cards are free, though it charges a 1% transaction fee for trading Bitcoin. Euro deposits of up to €100,000 (or $113,257) are protected by local laws like any other traditional bank accounts in Germany, the firm added.

Jan Goslicki, Bitwala’s chief compliance officer and co-founder, said: “We were able to bring cryptocurrencies into a fully compliant banking setup regulated in Germany. This shows that cryptocurrencies can fit into regulatory frameworks which protect consumers and ultimately inspire trust.”
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