Bitwala - Bitcoin & Ether Trading, Wallets, Euro Account & Visa Debit Card

[bitwala]

Welcome to our official Bitwala Bitcointalk Thread

We're excited to announce our comeback. At Bitwala, our commitment to making the world of cryptocurrencies more accessible and user-friendly has persisted. With the launch of our new app, we're continuing our mission.

Starting a new chapter, we reintroduce Bitwala’s most valued features from the past—simple custody, self-custody, trading, a euro account, and a debit card—in the face of extraordinary macroeconomic challenges in the world.

Our partnership with Striga enables the efficient management of regulatory obligations through specialised APIs, allowing us to focus on delivering an enhanced, user-centric crypto-banking experience.

Bitwala’s Key Products and Services

• Mobile App: You can manage your Bitwala account and transactions on the go, using our mobile app for both Android and iOS.
• Bitcoin and Ethereum Wallets: You can store, send and receive bitcoin and ether using self-custody wallets called Vaults and custody wallets.
• Euro Account: You receive an individual virtual IBAN that welcomes SEPA deposits from and withdrawals to a bank account that is registered in your name.
• Crypto Trading: You can buy and sell bitcoin and ether 24/7 with instant settlements on your wallets and your euro account.
• Visa Debit Card: You can order a debit card enabling you to spend your bitcoin, ether, and euro balances and withdraw cash from an ATM.

Security
We prioritise security and recommend using our self-custody wallets for long-term storage. The Bitcoin Vaults are safeguarded by a 2-out-of-3-multi-signature setup, and the Ethereum Vaults are safeguarded by a seed phrase. In both cases, the seed phrases are shown to the user ONLY ONCE during the setup of the Vault. At no point does Bitwala have access to or knowledge of the seed phrases. Ensuring the secure storage of the seed phrases (private keys) by the user is paramount.

Compliance & Availability
Regulated in Europe, Bitwala is available for residents of the countries within the European Economic Area, with one exception—Germany. We are actively working to extend our services to Germany as soon as possible.

Legal
Terms & Conditions and Privacy Policy

Our Legacy
Founded in 2014, Bitwala is based in Berlin, Germany. Our journey began with the aim of simplifying the use of crypto in everyday life. We set out to create a platform bridging the gap between traditional finance and cryptocurrencies, making digital assets accessible to a wider audience. To learn more about Bitwala's journey, read the Story of Bitwala.

See also our Legacy Bitcointalk Thread

Nuri's Insolvency
The crypto landscape has seen its fair share of ups and downs, and the insolvency of Nuri served as a wake-up call for many in the industry. We acknowledge the importance of transparency and reliability in the crypto world.

We’ve learned from such incidents and have made it a priority to strengthen our platform's security and communication to provide users with greater confidence.

Press

• Rising From Ashes: Berlin Bitcoin Veteran Bitwala Makes Surprise Comeback - Decrypt (EN)
• Bitwala: Comeback des insolventen Krypto-Startups Nuri – unter altem Namen (DE)

Find us on Social Media

• Twitter
• Facebook
• Linkedin
• Reddit
• Discord

Official Website
bitwala.com

Blog
For more stories, updates, and features check out our blog.

Support
If you need any help don’t hesitate to comment in this thread, check out our Support Center or contact our Customer Support Team. This includes questions that are related to the insolvency of Nuri.

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[NotATether]

Should probably mention that

This is the new Bitwala company, the old Bitwala went bankrupt last year after the name-change and halted all their services.

just so that people do not get confused when they look up Google Search results.


Please do clarify - what exactly happened during the bankruptcy proceedings?

[JeromeTash]

Should probably mention that

This is the new Bitwala company, the old Bitwala went bankrupt last year after the name-change and halted all their services.

On their website, they say "Established since 2014". Started as Bitwala, rebranded to Nuri and now back as Bitwala?
So I don't know if it's just a continuation? Or now the company is under new ownership?

Well, this article might be of interest --> Crypto banking app Bitwala relaunches via new partnership with Striga

[bitwala]

This is the new Bitwala company, the old Bitwala went bankrupt last year after the name-change and halted all their services.

Yes, this is correct. This is a new company. With a former investor, we took over the intellectual property, including the app, the technology behind the self-custodial wallets, and the brand, including the trademark and name.

Please do clarify - what exactly happened during the bankruptcy proceedings?

After filing for insolvency, we didn’t find an acquirer, so ultimately the company had to be liquidated. The liquidation proceedings are still managed by the insolvency administrator.

The assets in the bank account, as well as in the custodial wallet, can be requested back from Solarisbank until today. The assets in the self-custodial wallet (Vaults) can be restored externally by means of the seeds or transferred into the new Bitwala app. All services were discontinued on the 19th of December 2022.

Unlike other crypto neobanks, we have not speculated with customer funds, and with the exception of our tragic partnership with Celsius, all funds can be restored or requested back from Solarisbank.

[bitwala]

On their website, they say "Established since 2014". Started as Bitwala, rebranded to Nuri and now back as Bitwala?
So I don't know if it's just a continuation? Or now the company is under new ownership?

Yes, it is a continuation; however, it's a new entity led by the former co-founder and head of trading, together with a team of former engineers.

[NotATether]

The assets in the bank account, as well as in the custodial wallet, can be requested back from Solarisbank until today. The assets in the self-custodial wallet (Vaults) can be restored externally by means of the seeds or transferred into the new Bitwala app. All services were discontinued on the 19th of December 2022.

Yeah, I was suspecting that user deposits would still be accessible since EU has some pretty stringent regulations for requiring the use of a partner bank for custody, among other things (It's the reason why most forex sites and e-wallets have a disclaimer that says their services are offered by "Bank of ABC Natural Name ltd").

[bitwala]

Yeah, I was suspecting that user deposits would still be accessible since EU has some pretty stringent regulations for requiring the use of a partner bank for custody, among other things (It's the reason why most forex sites and e-wallets have a disclaimer that says their services are offered by "Bank of ABC Natural Name ltd").

Yes, you are right. Our former banking partner Solaris is obliged to provide access to the funds in the bank account for at least three years. However, users have to actively request there funds back, in case they have forgotten to withdraw their funds before the announced closure.

The funds can be requested back by getting in touch with their customer support: https://www.solarisgroup.com/en/support/nuri/transfer/

[dkbit98]

Yes, this is correct. This is a new company. With a former investor, we took over the intellectual property, including the app, the technology behind the self-custodial wallets, and the brand, including the trademark and name.

Are there any differences between Bitwala physical and virtual cards, and is it mandatory to use Bitwala app or web version is also available?
I guess kyc verification is mandatory in both cases, but tell me are there any advantages compared to all the other crypto cards that are available in the market.

[bitwala]

The New Visa Debit Card for Crypto Enthusiasts

Exciting News! We are introducing our new virtual Visa Debit Card for direct spending of Bitcoin, Ether, and Euro funds on online purchases.

Say goodbye to the hassle of having to convert crypto to euros and transferring it to a bank account.

Get your crypto-powered Visa Debit Card today and start shopping with the currency of tomorrow!