A new banking service with real debit cards is to be launched by Bitwala. The Federal Financial Supervisory Authority of Germany (Bafin) is currently reviewing its application. Customers’ funds up to €100,000 will be guaranteed upon approval.
An online bank account service is being built by Blockchain-based payment service provider Bitwala. The company added, “Between the crypto and fiat worlds, we hope to enable a seamless transition. All the features of traditional banking are combined with the crypto economy. We are planning for new Bitwala accounts be introduced to the world within the next few months.
The company’s customer base spans 57,00 users currently in over 200 countries. Bitwala detailed that pre-registration can be done for this new service by prospective customers. It also said, “A German IBAN will be a part of what we are building is a full-fledged German bank account. Also, along with a real debit card from Mastercard, you will get a BIC. Your funds up to €100,000 will be guaranteed.”
The company also stated, “The Federal Financial Supervisory Authority of Germany (Bafin) will fully regulate Bitwala accounts. The application meanwhile is pending. Customers’ funds of up to €100,000 (~USD$123,000) will be guaranteed by the deposit guarantee scheme of German banks with Bafin’s approval.
For those seeking secure and crypto-friendly banking services, Bitwala claims that its accounts will be the perfect solution. Various activities like setting up direct debits, managing daily expenses and ability to buy and sell cryptocurrencies will be made available to customers.
As part of the Bitwala accounts, a debit card will be linked to customers’ accounts. Spending of funds instantly in shops, online and at any ATM will be made possible by the issuing of a contactless debit card. Bitwala debit cards will immediately show customers’ balances. In addition, higher spending limits and much lower fees will accompany the debit cards compared to the prepaid cards the company previously offered.