Bitwala just emailed out an inspiring vision update, – they are good at inspiring updates – they are almost ready with a “blockchain-driven bank” in Germany, that will offer simple fiat-crypto-fiat transfers, German IBAN accounts for all users, new cryptocurrency ATM card (MasterCard), and a ton of other goodies.
Moreover, Bitwala plan to create Tether alternative (but doing it right this time), more on that later in the article.
This is what was in the email we’ve just received:
Well, we have some great news for you. Bitwala is building a blockchain-driven bank!
Here are a few quick facts about the upcoming Bitwala accounts:
- Seamless transition between crypto and fiat
- Based in Germany and each account will come with a German IBAN and BIC
- Fully regulated by The Federal Financial Supervisory Authority of Germany (BaFin) (application pending)
Bitwala has an ambitious roadmap on their website. One of the interesting points there is the “fiat pegged token” that they will set up based on their new coming banking:
What this means is there will be a Tether equivalent that is actually transparent and backed by fiat. This will not only take Tether and Bitfinex out of the spotlight (and possibly out of business), but also guarantee stable development of cryptocurrencies. If Tether collapses after Bitwala launch, Bitcoin price might not even notice.
So if you are wondering if the possible collapse of Tether (in case if it’s really not backed by USD) will bring down Bitcoin – no it will not, because there are so many other actors working on stuff, like Bitwala. We’ve mentioned something similar in our 2018 Bitcoin forecast earlier.
Once again, the fact that there are so many different actors working on their causes 24/7 is key to Bitcoin’s resilience. The whole ecosystem will persevere despite attacks and mishaps, and witnessing it will be absolutely beautiful.
Take the prepaid Bitcoin card niche and you’ll see how many flowers are about to blossom after the WaveCrest ban: AdvCash is almost done with an alternative, Denaro is a brand new card issuer of tomorrow, TenX promises a card by the end of Q1 218, Bankera/Spectrocoin upload pics of new card stacks, and now Bitwala is announcing a solid German banking ecosystem. If only half of these (and future) claims come true, there will be plenty of choice for prepaid crypto cards.