Germany-based blockchain finance firm Bitwala has raised €13 million (almost $14.5 million) in a Series A funding round.
Claiming it as the biggest equity round for a German blockchain startup, Bitwala announced Wednesday that Sony Financial Ventures and NKB Group led the raise, while existing investors Earlybird and coparion contributed half of the funding.
The funds will go toward growing the firm's customer base, adding new staff and launching bitcoin accounts for businesses.
Bitwala offers a crypto banking service with a built-in bitcoin wallet, debit card and trading options. It notable allows customers to trade bitcoin directly out of a current account, thanks to services offered by solarisBank.
The firm said it now has retail customers in all 31 countries of the European Economic Area. Since it launched its banking service late last year, the firm says it's traded bitcoin to the value of over €11 million ($12.26 million). Deposits of up to €100,000 ($111,460) are protected under German deposit guarantee schemes.
Bitwala’s co-founder and CTO, Ben Jones, said:
App image via Bitwala
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.