Crypto bank Bitwala, raised about $14 million in the Series A funding round. The firm is based in Germany. Sony Co-Leads $14.5M Raise for Bitcoin Bank Bitwala.
While existing investors Earlybird and coparion contributed half of the funding, Bitwala announced at the end of July, that the raise was led by Sony Financial Ventures and NKB Group. It is being claimed as the biggest equity round for a German blockchain startup.
The funds will increase Bitwala’s growth strategy to attract fresh clients, hire new talent, and start offering corporate Bitcoin accounts.
A free current account with a built-in bitcoin wallet, and debit card along with trading options is being offered by Bitwala as a banking service. The platform is currently accessible to residents of all 31 European Economic Area countries.
Bitcoin worth more than 11 million euros has already been traded on Bitwala since the launch in mid-December 2018, an increase of 10 million euros since February 2019. Deposits of up to €100,000 ($111,460) are protected under German deposit guarantee schemes.
Co-founder and CTO of Bitwala, Ben Jones, said:
“Today, we are offering a bridge for both mainstream users and blockchain buffs, who want to interact with the emerging blockchain ecosystem – the growing digital economy spreading across the globe. While there is still huge upside potential, it has already been a humbling experience to see the ecosystem grow and for Bitwala to play such an important part in that.”
Bitwala was founded in 2015 by Jan Goslicki, Benjamin Jones and Jörg von Minckwitz. Bitwala’s investors include Earlybird Venture Capital, coparion, Global Brain and Sony Financial Ventures, NKB Group, High Tech Gründerfonds, ALSTIN, and Digital Currency Group.