Bitwala Partners With Solaris on Blockchain Bank Account

Bitwala Partners With Visa-Backed Solaris on Blockchain Bank Account

Blockchain startup Bitwala is planning to establish Germany’s initial “blockchain bank accounts” — and it has struck a strategic partnership with Berlin-based fintech firm solaris Bank so as to pull off it.

Constructed as a member of solarisBank’s”Blockchain Factory” initiative, the venture will empower Bitwala to provide banking services by means of solarisBank’s German banking permit, spokesperson Roman Kessler informed BMI.

The target is to start the service from mid-November, also Bitwala expects to appeal to people who hold cryptocurrencies. Bitwala increased $4 billion in new financing a month to encourage its efforts.

Up to now, according to the business, 35,000 users possess pre-registered to the upcoming service.

Talking to BMI, Kessler emphasized that”we’re a blockchain banking agency” rather than a bank. Nevertheless, Bitwala expects to get there 1 afternoon, and is likely to seek out a German banking permit of its own next year.

Kessler clarified two facets of solarisBank brought Bitwala for it: the”excellent technological platform which enables” any company that the capability to quickly”move in and plug in your use cases” to the solarisBank API, along with the regulatory accessibility vis-a-vis its banking permit.

Really, solarisBank positioned itself as a potential companion for the crypto-industry via its Blockchain Factory campaign.

Along with also the solarisBank partnership aids Bitwala prevent a number of the regulatory drawbacks it has struck previously. In January, Bitwala was among many cryptocurrency firms changed when Visa Europe shut the accounts of its own debit card issuer.

“We are extremely proud to associate with solarisBank because we start our new product. Their specialized regulatory and services umbrella empower Bitwala to be completely compliant with all German banking demands while offering a trusted user experience,” Jörg von Minckwitz, president of Bitwala, explained in a statement.

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