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.
Bitwala’s New Banking Service
Blockchain-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:
Blockchain-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:
Blockchain-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:
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.