German blockchain-based startup Bitwala has announced the launch of a smartphone app for iOS and Android, which will operate as an all-in-one platform for banking and bitcoin. 

Bitcoin & Blockchain Banking

According to the press release published Aug. 29, Bitwala characterizes itself as the cryptocurrency “flagship” for Germany. The new application will allow users to set up quick and painless blockchain banking through video verification, with the release claiming new customers can get started in a “few minutes.” 

The app also allows for the purchase, sale, and storage of bitcoin on smartphones, creating a one-stop-shop for both banking and crypto usage. According to Christoph Iwaniez, Chief Financial Officer at Bitwala, the application is one of the most secure ways to use and store bitcoin due to their multi-signature wallets, 

With Bitwala your bitcoin are booked directly on the Blockchain via a multi-signature wallet. This is another way of saying that hacking Bitwala is as useless as breaking the Blockchain itself and that our customers are fully in control of their Bitcoin wallets at all times.

Bitwala is available to customers in 31 European countries and comes with a free debit Mastercard that can be used for payments and money withdrawals at over “40 million locations worldwide without any fees.” 

While Bitwala prides itself on blockchain and bitcoin integration, the platform has been able to establish itself as a legitimate bank for fiat and crypto storage. According to the release, deposits up to 100K euros are protected by the German deposit guarantee scheme.