Bitwala Raises $4 Million to Merge Cryptocurrency with Banking Infrastructure

A startup wants to use the blockchain to merge traditional banking with cryptocurrencies has raised $4 million in new investment from several investors, including European venture capital heavyweights like Earlybird.

The concept for Germany-based Bitwala’s platform centers on combining all the features and convenience needed for everyday banking in both the traditional and the crypto world.

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The system, according to its founders, will support more efficient operations through a German bank account provided through Bitwala’s banking partner, which offers SEPA debit and credit transactions, easy management of recurring payments, and a debit card.

If this trial is successful, advocates say it could bring on much greater adoption of cryptocurrency-related banking. But the firm still has a lot to prove when the product goes live soon with 30,000 people already signed up to be among the first to be onboarded.