Meet Berlin-based cryptocurrency challenger bank Bitwala“We let people buy and sell bitcoin directly from their bank account”
Benjamin Jones, CEO/CTO and Co-Founder of Bitwala
This interview is our Easter Special. Keep safe, stay at home and enjoy the video. Please note at the very bottom of this post, there is a link where you can give us direct feedback.
The founderIn this interview, Joe from Startuprad.io talks to Benjamin Jones (https://www.linkedin.com/in/benjaminpeterjones/), CEO/CTO and Co-Founder of Bitwala (https://www.bitwala.com/). Bitwala is a challenger bank, based in Berlin which offers shifting from fiat currency (Euro) into Bitcoin and Ethereum on their app.
Benjamin is originally from Bristol and studied Philosophy and Economics in London. He traveled one year in South America and became …as he says, “became a hippie.” An internship than took him to Berlin, where he worked in a startup. He tried out many things, including a company builder which aimed to become the “Rocket Internet of Cryptocurrencies.”
“Core banking is relatively unexciting. That’s not where the innovation is happening”
Benjamin Jones, CEO/CTO and Co-Founder of Bitwala
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Affiliate LinksLooking for a bank account to shift between crypto and fiat? Sign up with Bitwala here. Due to regulations, Bitwala can only accept customers resident in the European Economic Area (EU plus Norway, Iceland, Switzerland, United Kingdom, and Lichtenstein), with a few exceptions like US citizens.
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The Startup“A [bitcoin to cash] transaction takes usually 20 minutes”
Benjamin Jones, CEO/CTO and Co-Founder of Bitwala
The name Bitwala comes from a computer bit, and wallah. In India, you call someone who brings the, for example, the tea a chai wallah (https://chaipilgrimage.com/blogs/journal/8413337-what-is-a-chai-wallah). The company wants to be “the bringer of bits.” Bitwala is describing itself as a challenger bank. As is typical for many challenger banks, they don’t have a banking license, but rather work together with licensed banks.
“All startups need to focus in an extreme way”
Benjamin Jones, CEO/CTO and Co-Founder of Bitwala
Bitwala is a challenger bank, founded in Berlin. Their USP is the ability to shift between Euros, Bitcoin and Ethereum in their app, without the need for a cryptocurrency exchange.
“What most people got excited about crypto currencies in the earlier times was their application in the developing world. …there is 1.7 bn unbanked.”
Benjamin Jones, CEO/CTO and Co-Founder of Bitwala
Right now Bitwala does not have a third-party custodian for the crypto assets, they are offering non-custodian wallets. So the client has to take care of their crypto assets by themselves, but the client also holds her/his private keys.
During the interview, we also talk about their former product, a bitcoin credit card, which they had to drop. This put Bitwala in a difficult position, in which they decided to build the world’s first cryptocurrency bank account.
After the interview Bitwala published their number of customers, they had (at release) more than 50.000 clients in 32 countries (Link opens PDF).
The Video Interview is Our Easter Special – It is set to go live on April 10th 15.00 CET (10 am East Coast Time, 14.00 London)https://youtu.be/DuomByTCLKk
Venture Capital Funding
Bitwala is looking to raise a Series B in Q3 2020 of 15-20 million Euros (up to 22 mn USS). Keep in mind this interview was recorded before the Corona Virus Outbreak.
“In our last funding round, we have been in this [notary] room together for 19 hours … but I understand why. It is just good for everybody to hear the contract one last time”
Benjamin Jones, CEO/CTO and Co-Founder of Bitwala
Bitwala has already raised several financing rounds, totaling 21.8 mn US$, accord...
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