• Sony Financial Ventures participates in Bitwala's Seriece A investment round.
  • The platform aims to expand its business and add functionality to the platform.

The Japanese corporation Sony and an investment company NKB GROUP led a Series A financing round of the bitcoin banking platform Bitwala. The companies jointly invested 13 million euro (about $14.5 million) in the platform. This financing round marks the largest investment in Germany-based cryptocurrency, according to Bitwala's statement.

Early investors in the platform - Earlybird and Coparion - were among other participants of the financing round.

The company says that the raised funds will be used to expand the user base and increase staff, as well as to launch corporate Bitcoin accounts.

In December 2018, Bitwala officially launched its updated cryptocurrency service, offering users a single bank account both for Bitcoin (BTC) and fiat currencies.  The partnership with solarisBank will allow the platform users trading Bitcoin directly from their accounts.

"Here at Bitwala, we are hard-at-work promoting the adoption of bitcoin, with simplicity and accessibility being our main focus. The Bitwala account, being the world’s first to combine bitcoin and banking, solves just that for thousands of people across Europe, and we’re only just getting started," the company states.

Currently, the platform is available of the residents of all 31 countries of the European Economic Area. In 2019, the volume of bitcoin exchange transactions amounted to 11 million euros.

Earlier, Bitwala announced the business restructuring, because its bank accounts were closed, while services related to the issuance and servicing of prepaid cards were suspended.

Before that, the company received a venture capital investment of 800 000 euros to develop the payment system, expand the team, and build the customer base. Despite the dire conditions, Bitwala received $4 million in the course of the next round of investment in September 2018.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto bulls on winning streak pushing for more

Bitcoin price jumped this week after a shift in sentiment on Thursday when global equities went back in the green and investors favored riskier assets like cryptocurrencies. 

More Bitcoin News

Binance support for Polkadot parachain auctions could send DOT to new all-time high

At the Sub0 Conference representatives of Parity Technologies, DOT founders Gavin Wood and Robert Habermeier, confirmed that Polkadot is now ready to implement parachains, auctions and crowd loans on its blockchain network. 

More Polkadot News

XRP price awaits for volume to skyrocket to $2

A brief technical and on-chain analysis on XRP price. Here, FXStreet's analysts evaluate how Ripple bulls take control.

More Ripple News

Shiba Inu whales buy the dip after SHIB loses $600 million in market cap

Shiba Inu concluded a massive rally, and SHIB price plunged on October 14. Proponents were awaiting a Dogecoin flippening, however, SHIB dropped to 14th rank by market capitalization soon after. 

More Shiba Inu News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast