Crypto Banking Startup Bitwala Gets $14.5 Million USD Led by Sony Financial Ventures, NKB Group

Crypto Banking Startup Bitwala Gets $14.5 Million USD Led by Sony Financial Ventures, NKB Group

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.

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Author: Gabriel Machado

German Police Bust Largest Dark Web Store ‘Chemical Revolution’ Where Users Paid Bitcoin for Drugs

German-Police-Bust-Largest-Dark-Web-Store-Chemical-Revolution-Where-Users-Paid-Bitcoin-for-Drugs

The Police in Germany on June 28 raided an organized criminal syndicate, Chemical Revolution, a dark marketplace that allows its teeming customers to purchase all manner of drugs with Bitcoin.

The latest development by the authorities in Germany was contained in a press release issued by the office of the Federal Criminal Police Office. The authorities have officially arrested 11 suspects in connection with the case.

Bitcoin Criminal Gang

The police also shut and seized the site’s servers, so as to get relevant information to nail the suspected culprits. The French police also supported their German counterparts in fighting this new menace that is threatening to sweep over all European countries.

Although authorities have been on this case for a long time, the investigation took a dramatic turn when a 26 years old German national from Brandenburg was arrested in spring last year. Upon his arrest, the police found some incriminating objects from him, some of which includes 50 Kilograms of amphetamine, 16 Kilograms of cannabis, 2 Kilograms of MDMA, 600m grams of heroin, and a high number of ecstasy tablets and the LSD trips.

Crypto Aided Drugs In Europe

The arrest of the suspect on May 28 has led to so many other arrests, as the suspect is cooperating fully with the police, his statement so far is helping the police in the course of their investigation.

Also arrested was 43-year-old Dutch national on February 13, while he was handing over 14 Kilograms worth of various drugs to customers in Hamburg. The drugs in his possession were said to be procured from the Netherlands but carefully transported to Germany, from where it will be sold to their eager customers.

A man who specializes in the transport of the drugs from their base to Germany was also arrested and currently cooling his heels with the police.

The crackdown on dark websites and marketplace in Germany took a new turn when the German authorities sought the help of the Polish, Dutch, Spanish and French Police to fight the menace.

The cross country policing made it very hard for the criminals to escape and the result is the demolition of various sites and arrest of several criminals in Germany and Europe as a whole.

Cryptocurrency is now a force to reckon with in Europe, but the big names are still sceptical about the digital currency market, due to the high level of crime that’s associated with it and the ‘’prone to hacking’’ reputation it has gained in recent years.

Bitcoin Exchange Guide reported last month that the European Central Bank released a new paper on Cryptocurrency and financial stability on the continent.

The bank apex body subscribed to the view of the crypto space that the virtual currency is stable and does not pose any threat to financial stability in Europe.

But, if they are to be taken seriously, all manner of crypto-related crime must be flushed or reduced to its barest minimum.

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Author: Ogwu Emma