Since the 18th century. July Bitwala a member of the European Fintech Alliance. With this membership, the German Start-up wants to improve the dialogue with Fintechs, as well as with the authorities. In addition, it was announced that Bitwala can offer in a few weeks, regulated Bank accounts.
The interface between crypto-currencies and the real world is one of the biggest hurdles for the adoption of Bitcoin. Also, if the inclined Techie has no Problem with Mobile Wallets, Seeds and Private Keys, the cryptographic distance is a big hurdle. So it’s no wonder that projects such as Monaco, TenX, Revolut, or Bitwala want to enable the card you pay with Bitcoin and other crypto-currencies.
At the beginning of the year, there was a dramatic turning point: VISA announced a wave crest of the cooperation. Wave crest was an issuing Bank, the company has allowed for many of these crypto-the use of the VISA network. The end of the collaboration between VISA and the wave crest was an appropriate stumbling block.
The scene, however, has not slept: a few weeks Ago BTC-ECHO reported on the further developments in the case of TenX. Also Bitwala worked to find a replacement for wave crest. With a partner Bank, you want to be together, to create a Bitcoin Bank.
As a block chain that can be used Fintech companies perceive
To this claim, one recognizes that Bitwala don’t want to be as a pure Blockchain company is perceived, finally, the worlds are blurred. On the question of whether the border between Blockchain-Start-ups and classic Fintech blurred company, said Jörg von Minckwitz, Co-Founder and CEO of Bitwala:
“Yes, I think that Blockchain Start-ups are now in the Mainstream and the boundaries between the Blockchain and Fintech are increasingly blurred. For us, it is a very positive development, because it goes away from the ‘We are doing this but on the blockchain’ to from a Use-case motivated Start-ups. It will be increasingly important that certain parts of the Blockchain technology are simply assumed and no longer highlights the Start-ups per se. Start-ups need to be as with anything, what makes you better than your competition. Just because the Start-up Blockchain used in the back office, is no longer sufficient in our opinion. For us, it is therefore a logical step to feel more and more of the FINTECH world belonging to […] [I think], and that Blockchain-need to learn companies are increasingly of normal Fintechs to think from the user’s perspective.“
To grow this together between Blockchain-scene and Fintech Community, also matches the entry in the European Fintech Alliance (EFA). The EFA is a European-wide merger of Fintech companies of different size, which also searches the contact to the European authorities.
BitWala want to represent the crypto-scene in the EFA
The dialogue with Fintech companies is not the only Motivation for Bitwala, the European Fintech Alliance to join. A reason for the admission is to be a voice for the crypto community at the regulatory level. The Dialog is also necessary to: uncertainties regarding the taxation, the question of who owns the data on the Blockchain, any contradictions between the DSGVO and a public Blockchain – the list of regulatory challenges is a long one. This leads to a repressive attitude on the part of Central banks and of the government bodies, resulting in cryptographic relevant technological Innovation in the Bud is nipped.
The dialogue with the authorities is BitWala. In your Effort to be a licensed Bank, you have to have a lot to discuss with representatives of the regulatory bodies. This helped Bitwala, to understand also the side of the authorities, and to identify problems of understanding:
“The Blockchain or the Token, it is just something that it was never. For regulators, it is therefore very difficult to classify and to decide which one compares tokens to regulate you in a way. God is not to over-regulate, thanks to the will of the German Regulator Blockchain, so everything takes a bit longer. Also, the difference between the Token itself is not clarified until today. We have tokens that are more similar to securities and which are more similar to Fiat currencies. The challenge for the regulatory authorities is increasing.“
So far, 30,000 have signed up for Early Access at Bitwalas Bitcoin Bank. The company wants to launch this in a few weeks. A Deposit guarantee up to 100,000 euros will be guaranteed to account holders. With this Bitwala account, a Bitcoin should be connected to the Wallet, with the owner of the account, with Bitcoin as with normal money can act.