Bitwala App now also supports Ethereum

Bitwala, Europe’s only banking service for crypto currencies, now offers trading with Ether (ETH). The crypto currency of the Ethereum network, the world’s leading programmable block chain, is the second most popular crypto currency after Bitcoin. Bitwala customers in 31 European countries can trade against Euro via App Ether as of today.

The Bitwala app is now one of the most secure and convenient ways to buy and sell Ether (ETH)

 

  • Customers in 31 European countries can now access secure Ethereum wallets with individual private keys and comprehensive security functions
  • With the integration of Ethereum, Bitwala offers a new approach to interaction with the growing digital economy
  • Bitwala welcomes Germany’s national blockchain strategy, which will provide the economy with Paving the way for the token economy

 

Berlin, 07 January 2020 – Bitwala, Europe’s only banking service for crypto currencies, now offers trading with Ether (ETH). The crypto currency of the Ethereum network, the world’s leading programmable block chain, is the second most popular crypto currency after Bitcoin. Bitwala customers in 31 European countries can trade against Euro via App Ether as of today. 

Ethers are an essential part of the Web 3.0 economy, driving the revolution in decentralized finance with the aim of fundamentally changing conventional financial markets. The open source Ethereum Blockchain enables the writing of unchangeable software code that controls the digital exchange of values. Such decentralized apps (dApps) are used in many industries: from insurance products to supply chain logistics and financial services. Decentralized finance (DeFi) applies blockchain-based smart contracts to financial products such as assets, currencies or loans. Essentially, this makes units of value such as stocks, bonds, real estate or currencies more accessible, quicker to trade and more efficient.

“With the introduction of ether trading, we are opening a new gateway for interaction with Web 3.0 – the growing digital economy that is spreading worldwide. Thanks to our first-class legal and technical standards, you don’t have to be a block-chain expert to enter this exciting market,” says Ben Jones, Managing Director of Bitwala GmbH. “We see great progress across Europe and particularly welcome the recently adopted national block chain strategy of the Grand Coalition. 

Decentralized financial products and services are becoming increasingly popular in the crypto sector and are proving to be a value-preserving alternative to the traditional financial system. Europe is increasingly opening up to the idea of crypto currencies and DeFi products. Recently, the Merkel government set the course for the token economy with its national block chain strategy. Bitwala welcomes this and will carefully consider the introduction of law-compliant products based on Ethereum after the turn of the year. 

“In contrast to typical crypto stock exchanges, Bitwala’s mission is to make block-chain-based financial products as easily accessible as possible for everyone. Bitcoin and Ether, the only two crypto currencies Bitwala supports, together account for about 70% of the market capitalization of all crypto currencies. They also have high liquidity and are therefore less susceptible to volatility than coins with lower liquidity and market capitalization,” said Philipp Beer, Chief Growth Officer at Bitwala.

Now Bitwala offers the easiest way to buy, sell and manage ether securely through the Bitwala smartphone app. Customers can trade Ether directly from their Bitwala bank account. Trading against the Euro costs only a competitive fee of 1 percent.

Bitwala is the only banking service in the European Economic Area to offer private customers in 31 European countries a free current account with integrated crypto-wallets and seamless trading options. Bitwala is superior to other crypto gateways in that it enables its customers to trade Bitcoin and Ether directly from a current account held with Berlin-based solarisBank. Its high legal and technical standards make Bitwala one of the safest, fastest and most convenient ways to trade and manage Bitcoin and Ethereum assets.

When customers set up an Ethereum wallet, a cryptographic key is generated and stored in a specific smartphone security module (hardware-based key manager). This can only be accessed from the Bitwala Mobile app, and only when the phone is unlocked. Each transaction requires confirmation by the device key as well as by the user via PIN, face recognition or fingerprint, so no one else can access the ether assets – not even the Bitwala team.

If customers lose their smartphone and thus also the access to their Ethereum wallet via the Bitwala app, they still have one possibility to access their Ether again: the Wallet Backup. It is important to stress that only the customer, not Bitwala, knows the details needed for the Wallet Backup. It is therefore very important to store the Wallet Backup securely and offline on a piece of paper. 

Ethereum-enabled wallets can be generated from iPhones (models 5 or higher, with Secure Enclave, Touch ID or Face ID) or from Android devices (SDK Level 23+ and Secure Element or Strongbox, fingerprint only).

 

About Bitwala 

Bitwala is the German showcase company in the field of crypto-currencies with the goal of building a bank as a bridge between the traditional and the block-chain-based financial world. Bitwala, based in Berlin, offers the first complete solution that seamlessly combines a regular bank account, crypto wallets and trading. Customers can buy and sell Bitcoin and Ether with fast liquidity directly from a bank account managed by a German partner bank. Bitwala charges a competitive fee of only one percent per transaction.

Customers in all 31 countries of the European Economic Area benefit from the advantages of a German bank account, including the statutory deposit protection for Euro balances up to 100,000 Euro. The account is also accompanied by a free debit card, which can be used for contactless payment and free withdrawals at 40 million locations worldwide. To protect the Bitcoin and Ether in the Bitwala Wallets, the private keys remain in the hands of the customers. These high legal and technical standards make Bitwala one of the most secure and fastest ways to trade and manage crypto currencies.

Bitwala was founded in 2015 by Jan Goslicki, Benjamin Jones and Jörg von Minckwitz. The management team around Jan Goslicki and Benjamin Jones has since been completed by Christoph Iwaniez and Philipp Beer. The entire team currently consists of more than 50 employees. Investors include Earlybird Venture Capital, coparion, Global Brain and Sony Financial Ventures, G1, High Tech Gründerfonds, ALSTIN and the Digital Currency Group.