Bitwala to Launch Debit Card Banking Service

Bitwala is building a German online bank account for the blockchain generation to enable a seamless transition between the crypto and fiat
27 February 2018   827

Bitwala is aiming to build a blockchain driven bank and hold a first of its kind Equity Token Generation Event. As it is stated on Bitwala official website, its contactless debit card should bring the crypto and fiat worlds together. 

On February 26, Bitwala announced that it is building a German online bank account for the blockchain generation in order to enable a seamless transition between the crypto and fiat worlds. It was stated that Bitwala plans to introduce the new Bitwala accounts within the next few months.

Bitwala banking serviceBitwala Banking Service

Bitwala is building a full-fledged German bank account that will come with a German IBAN, BIC along with a real debit card from MasterCard, and Bitwala accounts will be fully regulated by The Federal Financial Supervisory Authority of Germany.

The new Bitwala account will come with a debit card that is linked to your account (no more bitcoin prepaid cards!). This means that the balance on your Bitwala account will be immediately available on your Bitwala contactless debit card as well. Having the new card will also mean that you will have much lower fees and higher spending limits.

Bitwala Official Statement

Moreover, it is worth noting that Bitwala has announced that it had implemented SegWit into the Bitwala Wallet and it became available for all users of wallet.

BTCC’s Mobi and Bitwala turn away from non-EU Visa users

BTCC’s Mobi and Bitwala announce the suspension of Bitcoin cards for non-EU Visa network users
01 September 2017   3760

China-based BTCC's Mobi wallet application is to stop offering its Visa debit card service to non-European residents on October 15th, 2017 as because of the new licensing restrictions from Visa.

On top of that, Berlin-based Bitwala, a Bitoin wallet management app, also announced they would be suspending service on all existing debit cards for users who live outside of the Visa European territory. Thus, according to Visa's new regulations, only customers in the EEA and selected adjacent states will be able to order the Bitwala Debit Card. Bitwala will suspend service on all existing Debit Cards for users who live outside of the European territory by October 15th, 2017. The new regulations came into force on August 21st and users who have ordered their cards from August 9th have been refunded.

Furthermore, Bitwala team has also announced some changes in their currency policy:

Bitwala currency suspension Bitwala currency suspension

As reported, in the past week, Xapo and Shakepay also announced that they would be halting service of their Bitcoin enabled debit cards to all card holders who reside outside of the Visa European payment network.