Bitwala And SolarisBank Will Launch Blockchain-based Banking Service In Germany
Blockchain startup Bitwala announced a strategic partnership with Berlin fintech company solarisBank to create Germany’s first blockchain bank account.
The new partnership is part of a Bitwala initiative called Blockchain Factory. According to Roman Kessler, a representative of solarisBank, the cooperation between the two companies will allow Bitwala to provide banking services on the basis of the German fintech startup’s banking license.
As representatives of Bitwala noted, the target audience of the new service would be users already familiar with cryptocurrencies. The launch of the “blockchain account” is scheduled for mid-November. It was also mentioned that 35 thousand users had already been pre-registered.
Kessler stressed that the new initiative would be a “banking blockchain service”, while Bitwala would not be a bank. However, he noted that the company intended to obtain a license next year.
According to him, two key aspects of solarisBank attracted the attention of Bitwala: “fantastic technical platform”, allowing any company to easily log in and connect its use-cases through API of the fintech startup, and a banking license, allowing to meet regulatory requirements.
Note that earlier Bitwala entered into a partnership with such giants as Spanish bank BBVA and Visa. In 2016, the German company closed the series B financing round, having attracted €56.6 million in investments.
At the beginning of this year, after Visa had ceased cooperation with payment platform WaveCrest, Bitwala platform announced the reformation.
Last month Bitwala received $4 million from venture company EarlyBird and COPARION foundation.