The registration procedures for wannabe clients have been directly incorporated into the app, which utilizes a video identification facility, with which residents all over the European Economic Area can get themselves verified and setup an account in a matter of minutes. Elaborating further, Bitwala CTO Benjamin James said:
“Once you have an account, you can seamlessly integrate your daily banking activities — whether in Bitcoin or Euro — into your everyday life.”
The account carries a free debit Mastercard and insurance deposit to the tune of €100,000 ($110,100) by the German deposit guarantee scheme.
The integrated Bitcoin wallet functions similar to traditional online banking. In this regard, it is distinct from the account held with a cryptocurrency exchange as it can be used to administer day-to-day finances.
Users can trade Bitcoin directly from their bank account. The wallet has P2P feature to move Bitcoin between friends and family members, and trades can be validated using biometrics. Private keys are always under the control of clients at all times.
Bitwala CFO, Christoph Iwaniez, spoke about account security:
“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.”
Last month, Bitwala successfully completed a €13 million ($14.30 million) funding round.