Bitwala is a Bitcoin remittance platform that allows users to send money, and pay off SEPA bills & invoices for rent, electricity, internet, etc. Bitwala makes the SEPA transfer when the user provides information about the recipient's name, account number, and equivalent Bitcoin that needs to be transferred. It provides a multi-sig bitcoin wallet through which users can make transactions through their mobile phone.
Recently, the company has applied for a banking service license with a regulatory authority and plans to launch Europe’s first equity token in order to build its Blockchain bank. In 2017, Bitwala received awards from various forums like The Paris FinTech Forum Award, ITC Spring Europe, FinTech Pioneers, and The German Innovation Award.
PRODUCTS & SERVICES:
The company offers various products and service such as;
1- Card: It provides a debit card which enables users to load money in local currency. This card can be used while shopping and making international purchases. They can also withdraw money from ATM at best exchanges rates. It also provides users with card spendings and balance data via web or mobile app.
2 - Bitcoin Wallet: It is a digital wallet that facilitates the customers to send money, pay bills, top-ups, bank transfers, etc.
3 - Bitwala API: It provides API services for businesses that help users to pay suppliers across the world.
4 - Bank Transfers: It provides SEPA and SWIFT bank transfers across borders and currencies.
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Business owners and individuals
The company has formed partnerships with various Bitcoin wallets and payments, trading & exchanges firms. Partnered with Bitcoin Wallet & trading players like TREZOR, BitPay, BitGo, bitcoin.de. Also partnered with crytocurrency exchange firm Shapeshift.
PRIMARY PROBLEM SOLVED:
The platform mainly addresses the cross-border transaction fees for businesses and individuals by offering them crypto transaction service at a lower fee.
Bitwala's money transfer service enables business owners and individuals to transfer Bitcoin, Ether, and over 60 other Altcoins into 22 local currencies, including EUR and GBP. Bitwala provides business with multiple options and features such as multicurrency payments, expenditure tracker, mass payment,s and open banking API facilities.
Recently SegWit has been activated and the SegWit support is being rolled out for the Bitwala Wallets. By using SegWit, users can save up to 50percent on the network fees.
At present, the company is building a German online bank account that enables users to buy and sell bitcoin directly, make and receive payments and manage their finances all in one place. Also, it focuses on blockchain banking license and Segwit.