Representatives of Bitwala start-up, intending to combine the traditional banking system with crypto-currencies, announced the receipt of $ 4 million in the next round of financing. The investors were the German venture company EarlyBird and the COPARION fund.
We just closed our latest funding round of the 4 million to bring the world. We're happy to welcome @EarlybirdVC and @coparion_vc to our family of investors. #bitcoin #blockchainbanking #funding https://t.co/sme6AyrtKO
– Bitwala (@bitwala) September 25, 2018
"The experience of the project team has convinced us that Bitwala will allow anyone who wants to work comfortably and safely with crypto currency from their bank account," Christian Nagel, an Earlybird representative , explained the partnership decision.
According to representatives of Bitwala, the completed round of financing became a reflection of investors' confidence in the product and the project team. According to their statement, the investments will be the basis for further development of a friendly environment for crypto-currencies in the banking industry.
"I am very proud that, thanks to our new product, we will eliminate the gap between crypto-currencies and traditional banking services, " said Bitwala GmbH President Jörg von Minkwitz.
In connection with the completion of the round of financing, the Bitwala team decided to recall its achievements for 2018. So in January the number of users of the platform increased to 80 thousand, in addition, the start-up concluded an agreement with the Bank of Germany on the provision of block services with a waiting list of 30 thousand users. Also representatives of Bitwala announced the launch of a new product in November 2018.
Earlier, Bitwala announced the reformatting of its business. The reason was the closure of her bank accounts and the stop of services related to the issue and maintenance of prepaid cards.
Note that in 2016 Bitwala already received venture capital investments in the amount of 800 thousand euros to develop the payment system, expand the team and increase the client base.
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