German Blockchain-based payment service provider Bitwala presented the launch of a new "crypto-first" banking service for German customers with accounts of international bank account numbers (IBAN), SWIFT codes and the corresponding MasterCard.
Nowadays, there is a process of applying to the Federal Financial Supervisory Authority of Germany (BaFin) for the approval of this project. The payment service provider notes that the German deposit insurance will protect customers' funds up to EUR 100,000.
The service, designated as "blockchain banking", will offer Bitwalas customers a comprehensive package of trade and payment using bitcoins and other crypto-conversions. Due to the integration of bank accounts, the service will also provide normal bank transfers and the use of credit cards.
It is the second attempt of Bitwala to offer debit cards for the cryptocurrency.
The plans that were before now, were thwarted when Visa stopped working with the provider of the Wavecrest debit card.
Almost all providers of cryptographic cards suffer from any restrictions from large credit card corporations.
Swiss start-up Volis was forced to completely close his business as a result of the fact that major card providers refused to cooperate.