Bitwala raises £3.6m for crypto banking proposition

German FinTech startup, Bitwala, has raised €4 million (£3.6 million) to fund the launch of its regulated cryptocurrency-friendly bank account.

The funding round was led by Germany-based venture capital firms Earlybird and coparion, who have previously backed mobile bank N26, cryptocurrency exchange ShapeShift and global photography marketplace EyeEm.

It comes after Bitwala revealed it had partnered with an unnamed German bank to offer blockchain banking from November, starting in Germany. The venture says the funding will enable it to further develop its product and “build on our mission to bring crypto-friendly banking to the world”.

The account combines a deposit protection guarantee with built-in cryptocurrency trading. More than 30,000 people have already signed up to a waiting list.

Closing gaps

“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,” says Jörg von Minckwitz, President of Bitwala.

“The background and experience of the team convinced us that Bitwala will allow everyone to engage with cryptocurrencies with all the comfort and security of their bank account,” adds Christian Nagel, Partner at Earlybird.