Bitwala is a global blockchain-based payment service provider headquartered in Berlin, Germany. Founded by Jörg von Minckwitz, Jan Goslicki, and Benjamin P. Jones in October 2015. According to Wired, in contrast to other money transfer services like Western Union, Money Gram and Transferwise, the German startup utilises digital currency to offer a much faster and cheaper solution. Von Minckwitz, Goslicki and Jones are long time co-partners, having founded other blockchain businesses before Bitwala such as All4btc.com and Transistor Coworking, Germany's largest fintech coworking space.
Bitwala enables SEPA and SWIFT money transfers by exchanging Bitcoin or Altcoins to over 20 fiat currencies to any bank account in over 200 countries worldwide. Bitwala offers a Bitcoin debit card and also operates as a bitcoin wallet service to store, send and receive Bitcoin.
Video Bitwala
How it works
Bitwala passes the exchange rates directly to its customers with the exchange rate is guaranteed for 15 minutes. The product and services offered bridges the use of Bitcoin and other cryptocurrencies to everyday use. Bitwala enables Bitcoin and Altcoins as means to pay and issue money transfers without the need of dealing with banks. Bitwala offers over 20 currencies to be sent to 200 countries at a flat fee.
Maps Bitwala
Awards
2016
- Runner up for Best Fintech Startup at the 2016 Pioneers Festival.
2017
- Best Blockchain Startup at the Paris Fintech Forum 2017
- Best Finance Startup at Fintech.Pioneers 2017
- Top 3 Startups at the 2017 German Innovation Prize competition (Deutsche Innovationspreis).
- Future FinTech Star Award at ICT Spring 2017 in Luxembourg
Investment
Bitwala announced a US$910,000 Seed funding in March 2016. The round was led by Germany's largest venture capital investment firm High-Tech Gründerfonds (HTGF), with participation of New York-based Digital Currency Group (DCG). HTGF Manager Chiara Sommer said that HTGF invested in Bitwala because "Bitwala will be the first truly international bank account which allows people from all over the world to send and receive money in various currencies at marginal fees and in real-time".
Services
Bitcoin to currency money transfers
Bitwala offers two options: a Bitcoin to SEPA and SWIFT money transfers and Bitcoin debit cards powered by Visa. Bitwala offers international money transfers in 20 local currencies to over 120 countries. By issuing bitcoin invoices, customers pay the invoice using Bitcoin or any alternative cryptocurrencies and Bitwala converts these funds and issues a bank transfer on behalf of its customers. In October 2016, Bitwala announced its support for 9 new local currencies, making money transfers using Bitcoin to Australia, Brazil, China, Japan, Malaysia, Mexico, the Philippines, South Korea, and Vietnam possible and received in the respective local currency.
EmailPay
Bitwala introduced EmailPay in 2015, a feature which allows its customers to send money using Bitcoin to any email without needing to know the receiving bank account details. Bitwala supports 11 payout currencies for its EmailPay feature, which are Euro (EUR), British Pounds (GBP), US Dollar (USD), Swedish Krona (SEK), Hungarian Forint (HUF), Norwegian Krone (NOK), Croatian Kuna (HRK), Swiss Franc (CHF), Czech Republic Koruna (CZK), Danish Krone (DKK), and Polish Zloty (PLN).
Bitcoin debit card and wallet
In December 2015, Bitwala introduced their Bitcoin debit card. Powered by Visa, the Bitwala Bitcoin debit card allows customers to use Bitcoin to make POS and online payments and cash out at ATMs. The Bitcoin debit cards are issued by Wave Crest Holdings Limited pursuant to a license from Visa Europe and supports over 40 crypto currencies.
In August 2016, Bitwala launched a mobile and web cryptocurrency wallet for Android and iOS. The bitcoin wallet features multi-signature technology along with Two-Factor, enabling transactions to be signed on its customers devices. With multi-signature wallets, customers absolute access and control over funds in wallet.
References
Source of the article : Wikipedia
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