In a recent interview with Bloomberg, Jorgon von Minckwitz, the Founder of Bitwala spoke about the current scenario of the cryptocurrency industry and also touched upon the positives of a link between fiat currency and the field of digital assets.
A part of the discussion revolved around how mainstream banks are taking a proper look towards virtual currencies and the dip in the amount of negative news about cryptocurrencies. Minckwitz stated that since the industry has calmed down, the present financial scene was the perfect opportunity to launch a product.
Bitwala aims to “close the gap between crypto and traditional banking” and thus, promote “mainstream adoption”. In January 2018, Bitwala stopped their services due to a license removal of one of its partners. Shortly after, the company began preparing to relaunch alongside their partner bank.
Bitwala is set to launch a blockchain banking set-up to tie cryptocurrency and fiat fund-management together in one account. The company aims to provide fully-licensed bank accounts that enable SEPA transactions, and offer debit cards, Bitcoin wallets, and Bitcoin trading solutions.
The Founder stated that there were problems in the cryptocurrency world but they were getting solved bit by bit because of the increased sense of maturity in the industry. He also added that Bitwala wants to provide a seamless transaction process for users that reduces friction between the fiat world and cryptocurrencies. According to him, this is the first time that such a process is occurring in a regulated environment, with a user base of almost 35,000 people.
Minckwitz was also asked about launching such a product when Bitcoin [BTC] was still far from mainstream adoption. He stated that the main issue that Bitwala addresses is the linking problem between mainstream banks and blockchain technology. He said:
“ A lot of people are scared to put a lot of euros on the exchanges because of things like regulations and a flimsy stance on the rules. There is a lot of panic and confusion when there is a price increase and people want to see, a problem that our company wants to solve.”
Minckwitz also made Bitwala’s case by stating that the lack of liquidity during a price surge is also tackled by creating a safe environment for money to solve between the fiat realm and the cryptocurrency markets.
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