I'm sure many of you remember "Visagate" or the clampdown of VISA on WaveCrest Holdings, at the beginning of the year. WaveCrest was the issuer of many crypto linked prepaid cards and a lot of providers in the field were hit. Among them Wirex, Spectrocoin and, yes, Bitwala.
It took to people of Bitwala less than 2 months to come up with another plan, according to an email sent to their - still loyal - user base. In this message, Bitwala announces its comeback, which includes, hold your breath, becoming a blockchain bank.
Here's what they said their new product will do:
- 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)
No other details were given other than that and it seems the company first try to gauge interest from its previous user base, allegedly shocked by "Visagate". If you want more details, head over to Bitwala website.
On a side note, all of the above, including the IBAN accounts, is already offered by another provider in this area, Spectrocoin / Bankera.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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This is a very interesting service to provide, and the first company to manage to do se efficiently will be extremely valuable. Let's welcome this service, especially if they support STEEM!
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I didn't know about it, seem very intersting mate, will start my investigations right away :)
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they are coming up quickly than expected hopefully they don't go away now with any new issues
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You have a typo in the first sentence. (sur)
EDIT: Sounds interesting but I cannot imagine what it would be like operating a bank in the crypto market. Banks are notoriously known for being protective of their assets.
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Thanks, corrected!
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:O! This would be lovely <3. Well, apart from the fact that a banker has all your info and your cryptocurrency usage could easily be regulated by governmental legislations...
The Venezuelan government is also trying to integrate cryptocurrencies into the day-to-day economy, but this would be through their own centralized cryptocoin called Petro. Their plans seem very shady, but it could also lead to banks handling blockchain issues. It's a pretty interesting topic.
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do Spectrocoin / Bankera have a new card? makes no sense to me to go for any of these until they can issue me a card.
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Nope, no card out yet, but they announced a new one, contactless this time, will be issued by the end of March. I'm following this closely and I'll update if I find out anything new.
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perfect. thanks man for the update.
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We need this in the U.S.
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This is a great news, i still remembered visagate quite well. Its a good come back for bitwala. This a very good news, thanks for sharing
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Lemi agree with @penking here at some point i caught wind of visagate on tweeter as well but that time I was uninterested. Thank God for @dragosroua, now I have another chance.
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I think this is great way for them, we are in the crypo revaluation and we will see a lot of changes in this area this is sound like a very good direction for them to go
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I couldn't remember much of Bitwala and what happened to them and Visa but from what I still had in mind it was something like Visa did not allowed anymore transactions with Bitwala. I was going to ask you what was the story (from what I think, I have read it on your blog too previously) but to make your life easier I have googled it :D
I hope that Bitwala will have a great comeback, for their good and for the entire crypto world!
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Visagate trended on tweeter for a whole week after it was first mentioned. I haven't heard much about it since them but I do believe it still has some prospects
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very cool
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good post
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Very interesting and timely information. This is another boost for the crypto world I suppose.
Infos such as this need be shared more on this platform as more and more people get engaged with steemit by the day.
Thanks for sharing.
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Hopefully someone somewhere (like Germany) will see the huge potential in this and support it.
There is a massive amount of money to be made (and applicable taxes collected) by whoever gets this right first.
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Now, that's something we've been waited for a long time.
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