Bitcoin, Crypto currency, Blockchain

Breaking: Bitwala and Solaris Bank to create the first Blockchain-account in Germany

Bitwala and the Solaris Bank to create the first German Blockchain account. So Bitwala can take customers from November traditional banking services for Bitcoin- BaFin-license included.

One of the reasons why Bitcoin & co. are not yet in the middle of the population arrived, the relatively high costs associated with their use. Starting in November, could be one in The German Blockchain-companies Bitwala has only announced two weeks ago to become the Bitwala Card of Germany’s first Blockchain-Bank. This should be done by a fully licensed partner Bank. The name of the partner Bank did not want to betray Bitwala first. Now it’s official: According to a press release, the BTC-ECHO is present, the Partner with a full banking licence for the German Solaris Bank.

So Bitwala customers from November, the possibility of both SEPA and crypto-transactions on the Blockchain Banking Service. This facilitates, among other things, the purchase and sale of Bitcoin, for the customers, yet going through separate, sometimes even foreign accounts had to go. In addition, there should be a new edition of the Bitwala Debit Card, which Bitcoin enables payments in shopping. As the partner of Solaris Bank has a full banking license, is also a protection to Deposits up to 100,000 euros. The Solaris Bank has made its mark already in June of this year as a potential bridge – Builder between the Blockchain and traditional Banking.

“Financial services are particularly regulated in Germany, very strict. Together with our banking partners, we have managed but now to meet all regulatory requirements in full. Bitwalas Expertise in crypto-currencies coupled with the technical and regulatory Strengths of the Solaris Bank, it is possible that we will offer starting in November, the first German Blockchain-Bank-account”,

glad Bitwala-in-chief Jörg von Minckwitz attracted to BTC-ECHO.

Partnership with System

The Deal is that a Blockchain-Start-cooperating up with a Bank, is not a new. Finally, there is a need for licenses to financial services in Germany. Without a license, no permission from the BaFin. Accordingly, more and more crypto-companies try to with a regulated financial services providers, respectively, banks, partnerships, or to acquire this directly. So, for example, the trading place can enjoy a Quasi-monopoly position in Germany. Due to the partnership with fidor Bank, the crypto stock exchange is allowed to offer Bitcoin trading in Germany. It is only in the case of partnerships. More and more, it also comes to M&A transactions. So, for example, the Litecoin Foundation has acquired 9.9 percent of the German Bank AG. The crypto-exchange Coinbase went one step further and has just recently acquired three financial service providers completely.

Convergence instead of divergence

The examples show that regulated financial service providers and crypto Start-ups are moving ever closer together. Banks need Innovation and new business fields and crypto-businesses need licenses. Instead of two stock split, is always looking for more cooperation. Since it is still difficult to get an appropriate BaFin-license in Germany is not to be assumed that this is the last partnership between an institution with a full banking license and a Blockchain-companies.

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