Bitwala, a German-based blockchain finance company, raised 13 million euros ($14.5 million) in Series A financing.
According to Bitwala, this is the largest round of financing for a German blockchain startup. On Wednesday, Bitwala announced that Sony Financial Ventures and NKB Group led the financing, while existing investors Earlybird and coparion provided half of the financing.
These funds will be used to expand the company's customer base, add new employees, and open bitcoin accounts for businesses.
Bitwala is designed to provide encrypted banking services with a built-in bitcoin wallet, debit card and transaction options. It is worth noting that due to the services provided by solarisBank, the company allows customers to trade Bitcoin directly from a current account.
The company said it currently has retail customers in all 31 countries in the European Economic Area. Since the introduction of Bitcoin banking services at the end of last year, the company has reported that its bitcoin transaction volume has exceeded 11 million euros ($12.26 million). Deposits of up to €100,000 ($111,460) will be protected by the German Deposit Guarantee Scheme.
Ben Jones, co-founder and chief technology officer of Bitwala, said:
“Today, we provide a bridge for mainstream users and blockchain enthusiasts who want to interact with the emerging blockchain ecosystem, and the blockchain ecosystem has become a growing digital economy worldwide. Colleagues with huge rising potential, seeing the development of ecosystems and Bitwala playing such an important role in it, is already a humble experience."