Bitwala Raised Almost $ 14.5 Million in the First Round of Financing

German financial company Bitwala reported on the successful closure of the first round of financing, during which it managed to raise € 13 million (almost $ 14.5 million).

The main investors are companies such as Sony Financial Ventures and NKB Group. Besides them, the money was invested by the existing investors of the project in the person of Earlybird and Coparion. The funds will be used to expand the client base, hire new employees and open accounts for businesses. Bitwala representatives claim that this is the largest case of selling equity among blockchain startups in Germany.

Bitwala provides cryptocurrency banking services, which include a wallet for storing bitcoins, a debit card and the ability to trade. Since the launch of the bitcoin exchange function at the end of last year, the company has already processed applications for € 11 million ($ 12.26 million). In addition, in October last year, the company entered into a partnership with SolarisBank and launched the “banking blockchain account” service.

“Today, we provide an opportunity to become part of the blockchain industry for both new participants and those who are already familiar with it and want to further develop in this direction. The growth potential of this ecosystem is huge, so it would be humiliating to watch its development from the side, ”said Ben Jones, co-founder and technical director of Bitwala.

Read This Now: Don't be afraid of overflows and avoid the crowd. Here are 5 tips on how to trade cryptocurrencies responsibly