German blockchain banking group Bitwala announced on Wednesday it secured €13 million through its Series A funding round, which was led by Sony Financial Ventures and NKB Group. As previously reported, Bitwala’s mission is to empower people to exchange ideas. The company recently secured €4 million to launch what it claims to be Germany’s first blockchain banking service.
“Bitwala is growing fast: Since the new service’s launch in mid-December 2018, bitcoin worth more than 11 million Euro have already been traded on Bitwala, an increase by 10 million Euro since February 2019. About half of the customer base resides in Germany – most other European Bitwala customers live in Austria, U.K., Switzerland, Italy, or France.”
Speaking about the funding round, Bitwala’s Co-Founder and Chief Technical Officer, Ben Jones, stated:
“I could not be more proud of the team! When we started in 2015, we were three founders and a dog: I never dared to imagine for Bitwala to grow into such a thriving business with so many talented people and thousands of customers across Europe. Today, we are offering a bridge for both mainstream users and blockchain buffs, who want to interact with the emerging blockchain ecosystem – the growing digital economy spreading across the globe. While there is still huge upside potential, it has already been a humbling experience to see the ecosystem grow and for Bitwala to play such an important part in that.”
Jan Goslicki, Co-Founder and Chief Compliance Officer at Bitwala, also commented:
“We started Bitwala to build something which many thought was not possible: Connecting Bitcoin to the conventional financial system and remain in line with supervisory requirements in one of the world’s strictest regulatory jurisdictions: Germany. We did it for the growing community of blockchain evangelists in Europe and are offering them an easy, swift, and safe place to build the world’s future economy,” said . “I want to thank the team for their daily dedication in making this possible.”
Bitwala is planning to use the investment round’s funding to continue growth and development of its platform.