Bitwala Launching Full-Fledged Crypto-Friendly Banking Service with Debit Card
HomeCryptocurrency NewsCryptocurrencies Latest News

Bitwala Launching Full-Fledged Crypto-Friendly Banking Service with Debit Card

Bitwala has announced that it is launching a new banking service with real debit cards. Its application with the Federal Financial Supervis...

Australian Firms Partner to Provide Crypto Custody Services
Have You Tried Blockchain 5.0 Yet? Nobody Else Has Either
Three Russian Universities Add Crypto Courses and Diplomas

Bitwala has announced that it is launching a new banking service with real debit cards. Its application with the Federal Financial Supervisory Authority of Germany (Bafin) is pending. Once approved, customers’ funds will be guaranteed up to €100,000. The move follows the suspension of the company’s prepaid Visa cards.

Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten

Bitwala’s New Banking Service

Bitwala Launching Full-Fledged Crypto-Friendly Banking Service with Debit CardBlockchain-based payment service provider Bitwala announced on Monday that it is building an online bank account service, “enabling a seamless transition between the crypto and fiat worlds.” The account combines “all the features of traditional banking with the crypto economy,” the company added, noting that “We aim to introduce the new Bitwala accounts to the world within the next few months.”

The company says it has over 57,00 users currently in over 200 countries. Prospective customers can now pre-register for this new service, Bitwala detailed, elaborating:

In the next few months, we will be building a full-fledged German bank account that will come with a German IBAN, BIC along with a real debit card from Mastercard…Your funds up to €100,000 will be guaranteed.

Bitwala Launching Full-Fledged Crypto-Friendly Banking Service with Debit Card“Bitwala accounts will be fully regulated by the Federal Financial Supervisory Authority of Germany (Bafin),” the company stated, adding that its application is currently pending. With Bafin’s approval, the deposit guarantee scheme of German banks will guarantee customers’ funds of up to €100,000 (~USD$123,000).

Bitwala claims that its “accounts will be the perfect solution for those seeking secure and crypto-friendly banking services.” Customers will be able to buy and sell cryptocurrencies as well as manage their daily expenses and setting up direct debits, the company explained.

Accounts Come with Debit Cards

Bitwala Launching Full-Fledged Crypto-Friendly Banking Service with Debit CardThe new Bitwala accounts will come with a debit card linked to customers’ accounts.

“We will be issuing a contactless debit card, enabling you to spend your funds instantly in shops, online and at any ATM,” the company detailed, adding that customers’ balances “will be immediately available” on their Bitwala debit cards. Furthermore, the company says that debit cards will also “have much lower fees and higher spending limits,” compared to the prepaid cards the company previously offered.

Problems with Prepaid Cards

Bitwala formerly offered prepaid cards denominated in EUR, issued by Wavecrest Holdings Limited. Bitwala Launching Full-Fledged Crypto-Friendly Banking Service with Debit CardHowever, on January 5, the company announced that its prepaid cards had been disabled.

“Our Bitwala Card issuer Wavecrest Holdings Ltd received direction from Visa Europe to immediately suspend all Bitwala cards effective immediately,” the company wrote.

In a statement to CNBC, Visa said it had terminated Wavecrest “from our network for violating Visa’s operating regulations,” confirming it had required the company “to close its Visa card products, some of which were linked to cryptocurrency wallets.”

Alongside Bitwala, Wavecrest provided the same services to other cryptocurrency companies, including Cryptopay, Wirex, and Tenx. “Now these cards are invalid,” the news outlet emphasized.

What do you think of Bitwala’s new service? Let us know in the comments section below.


Images courtesy of Shutterstock and Bitwala.


Need to calculate your bitcoin holdings? Check our tools section.

The post Bitwala Launching Full-Fledged Crypto-Friendly Banking Service with Debit Card appeared first on Bitcoin News.



from Bitcoin News http://ift.tt/2CL7a2y
Name

Bitcoin News,5117,Bitcoinist.com,4741,Cryptocurrencies,4741,Cryptocurrencies Latest News,5117,Cryptocurrency Latest News,4741,Cryptocurrency News,9858,
ltr
item
Cryptocurrency Latest News: Bitwala Launching Full-Fledged Crypto-Friendly Banking Service with Debit Card
Bitwala Launching Full-Fledged Crypto-Friendly Banking Service with Debit Card
https://news.bitcoin.com/wp-content/uploads/2018/02/banner-768x768.png
Cryptocurrency Latest News
http://cryptocurrencylatest.blogspot.com/2018/02/bitwala-launching-full-fledged-crypto.html
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/2018/02/bitwala-launching-full-fledged-crypto.html
true
1236144943044321696
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy