Netherlands-based Bitwala, a crypto-to- SEPA service that enables fiat-currency transfers toward settlements from users who pay in bitcoin has announced the closure of its first seed funding round, raising €800k in the process.
Bitcoin startup Bitwala, a Bitcoin services provider that uses its own bank account to provide fiat-currency transfers to settle payments for users who pay in bitcoin has announced the closure of its initial funding round.
The funding round, closed in March and revealed today, notes that this is the very first funding round for a startup that began in 2012.
Prominent investors include German VC investment giant HTGF and frequent bitcoin- and blockchain-investor, Barry Silbert’s Digital Currency Group .
Located in Berlin, the bitcoin services company gained support from High-Tech-Gründerfonds (HTGF), an investment firm that frequently invests in disruptive innovation in Germany, with nearly €500M worth of portfolio under management, spread across 400 investment startups.
The funding round, organized as a private-public partnership(s) also includes federal entities such as the Federal Ministry of Economics and the KfW Banking Group – owned by the German Federal government. Other investors include Carl Zeiss, Daimler, Deutsche Post DHL & Deutsche Telekom, among others.
Speaking to CCN in the past, Bitwala CEO Jörg von Minckwitz revealed that the company plans to expand on implementing currencies beyond the Euro.
The company has since followed up on the claim and has added several other European currencies including the British Pound in a “beta” phase which includes a 0.5% service charge + €15 for every transaction. The USD is also supported, albeit in a ‘beta’ stage wherein a $20 fee is included, along with the 0.5% service charge.Once the currencies become the norm beyond a beta phase, like the Euro, it’s likely that Bitwala will continue to process bitcoin-to-SEPA transactions with the staple 0.5% service charge.Furthermore, the newly raised […]
