Blockchain-based bank account Bitwala has bagged €4m in funding to support the launch of its platform.
The investment round was led by Earlybird Venture Capital, with participation also coming from coparion.
Germany-based Bitwala is a blockchain-based bank account, which is scheduled to launch later in the year. The platform has over 30,000 customers signed up to use the platform once it launches.
The bank account will enable consumers to combine traditional money and cryptocurrencies in a single platform. Users receive a German banking account, so they can access SEPA debit and credit transactions, recurring payments and a debit card.
On top of this they gain a cryptocurrency wallet to support token trading or to use for paying at merchants which accept cryptos.
This equity injection will be used to support the product development and growth of Bitwala.
Bitwala president Jörg von Minckwitz said, “The cryptocurrency community is eagerly awaiting the launch of our new service. I’m very proud that with our new product we will close the gap between crypto and traditional banking and solve one of the biggest hurdles on the road to mainstream adoption.”
Earlybird Venture Capital closed its sixth early-stage tech fund on its €175m hardcap, earlier in the year. This vehicle will further support early-stage technology opportunities in German-speaking countries, the Nordics, UK, Benelux, France and Southern Europe.
Last year, the firm took part in the $10.4m Series A round of Swiss FinTech company ShapeShift. The company offers an exchange for blockchain-based digital assets to other platforms.
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