Bitwala, a Bitcoin bank based in Germany, has recently announced that it was able to get $13 million EUR during its most recent funding round.
The investments were led by Sony Financial Ventures, a Sony subsidiary, along with NKB GRoup and Global Brain.
According to the company, half of the money gathered was given by early investors Coparion and Earlybird Venture Capital.
What Is Bitwala?
The co-founder of Bitwala, a man named Jan Goslicki, affirmed that the reason to create this company was to connect Bitcoin to the more traditional financial world. This, he affirmed, is something that most people simply do not believe to be possible, especially because the German regulation is pretty strict.
However, he believes that the company is succeeding in creating this bridge between the innovative world of Bitcoin and the more traditional and established financial-banking market.
So far, the company already has clients on the 31 countries from the European Economic Area. All clients of the bank are able to get a Bitcoin wallet as soon as they start up their accounts without having to pay any special fee. Also, insurance covers up to $100,000 EUR of the clients in case something happens to the money.
The team affirmed that this money will be used mostly in an effort to get new clients and to expand the current number of employees. Another use of the money will be to create a new service in which the bank will offer BTC accounts for businesses.
At the moment, the bank only has accounts for retail clients. Its fast growth, however, is proving that other types of accounts will be important as well. The Chief Growth Officer of the company, Philipp Beer, has affirmed that the company is looking to grow in all sectors and to be a part of the future of finance in Europe.
Bitwala has been around for a while now and has reached a degree of success. In spite of this, the company was very negatively affected at the beginning of the year when several crypto debit cards backed by Visa ceased to function.