Bitcoin Bank Bitwala is Expanding to Ethereum

Bitcoin bank, Bitwala, which is bases in Berlin, today announced that it is expanding its services to add Ether (ETH), the digital currency of the Ethereum network and the 2nd largest cryptocurrency by market cap.

This is a significant move by Bitwala, which was launched in 2015 as Europe’s first digital currency banking service, and which has only supported to Bitcoin.

Bitwala, in a statement, said that its decision to include Ethereum is largely owing to the cryptocurrency’s driving role in the expanding decentralized finance (DeFi) movement, which is aimed at transforming conventional financial markets.

Ben Jones, the co-founder and CEO of Bitwala, said –

“With the addition of Ether trading, we are opening a new gateway to interact with Web 3.0.—the growing digital economy spreading across the globe.”

Decentralized Finance applies blockchain-based smart contracts to the financial products including currencies, assets or loans, to make them more tradable, accessible and efficient. Decentralized applications (dApps) are increasingly common in supply-chain logistics, financial services and other industries.

The First Cryptocurrency Bank of Europe

Bitwala varies from an exchange in providing users with the convenience of a regular bank account, that is combined with a Bitcoin or an Ethereum wallet, and an application with adequate trading options.

Philipp Beer, the chief growth officer of the company, said –

“In contrast to cryptocurrency exchanges, it is Bitwala’s policy to make blockchain-enabled finance easily accessible for everyone.”

Also, different from Switzerland’s new digital currency banks, Bitwala offers a non-custodial solution to crypto banking for users dwelling in 31 European Union countries.

Germany is widely acclaimed for making big strides in the regulation of cryptocurrencies and, since January 1st, 2020, licensed entities along with banks are able to sell and store digital currencies.

Jones said –

“We are seeing great progress across Europe. We particularly welcome the Merkel administration’s national Blockchain Strategy, which has been passed recently.”

Where exchanges dealing in Germany require license, Bitwala, on the other hand, enables its customers to trade Bitcoin and Ether directly out of a currency account which is hosted by a licensed bank, Berlin-based solarisBank.