Bitwala has announced the formation of a “Blockchain Bank.” The news is exciting for the crypto anarchist on a number of fronts, but it should be taken with a bit of caution as well. While efforts by Bitwala to create a Blockchain Bank could provide a lot of learning opportunities for others who want to do something similar, Bitwala is attempting to make this move the “legit” way, by working with the German government to get the ‘proper’ regulatory approval.
Despite that fact, should Bitwala succeed in creating a blockchain bank, it will still serve as a laboratory that will help other enterprising people, especially crypto anarchists, to create their own workable, anonymous blockchain banks off the world finance grid, so to speak.
From Coin Telegraph
|Germany: Blockchain Service Bitwala Introduces ‘Crypto-First’ Banking|
The German Blockchain-based payment service provider Bitwala announced that it is launching a new “crypto-first” banking service complete with accounts, international bank account numbers (IBAN), SWIFT codes, and corresponding MasterCard debit cards, Cointelegraph Deutsch reported Tuesday, Feb. 27.
An application process is currently underway with the German Federal Financial Supervisory Authority (BaFin) to approve the project. The payment service provider highlights that German deposit insurance will protect customer funds for amounts up to 100,000 euro.
The service labelled “blockchain banking” will offer Bitwalas’ customers a comprehensive package for trading and paying with Bitcoin and other cryptocurrencies. With the integration of bank accounts, the service will also enable normal bank transfers and the use of credit cards.
This is Bitwala’s second attempt to offer debit cards for cryptocurrencies. Previous plans were thwarted when Visa ceased operations with the debit card provider Wavecrest. Almost all providers of crypto cards have suffered from some kind of restrictions by major credit card corporations.