The 80,000 users of the German Neobank Bitwala can now buy Bitcoin (BTC) in their bank accounts, save it and earn interest thanks to a new partnership with the crypto credit platform Celsius Network.
According to Defiprime Bitwala is the first classic Fiat bank to offer interest on storing Bitcoin in an accountand three other decentralized financial applications offer similar products. Although DeFi products have higher rates, up to 8.6% per year, Bitwala is more regulated and offers crypto and fiat services in 32 European countries under license from the leading German bank SolarisBank AG.
Users can buy Bitcoin for just EUR 30 and save it on a free Bitcoin interest account, with weekly interest payments. Bitcoin from accounts is lent to “trusted partners” through the Celsius network. The money can be immediately converted into euros.
Arouse interest with Bitcoin
In a statement, the CEO of Bitwala, Ben Jones described the halving of Bitcoin as a reminder that “state money [fiat] can’t inflate forever “:
“At the moment, more and more people trust Bitcoin. Bitwala is the daily bridge to it. We are now working with Celsius Network, the world’s leading provider of crypto credit, so that our customers can use Bitcoin storage anywhere. “
Neobanks are fighting for licenses
For the past four years New neo-banks have sprung up to unite the Fiat financial and cryptocurrency industries, but few have received full banking licenses and none offer Bitcoin investment accounts.
Revolut received its full banking license in Europe at the end of 2018, but was struggling to obtain an Australian banking license. Mark Hipperson, a former managing director of Barclays, created the partially licensed Starling Bank as a cryptocurrency neobank.
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