Cashila, an online bitcoin payments service connecting BTC with the established banking system and the first bitcoin company in Europe, registered as a Financial Institution recently noted they are shutting down their retail service to focus on its B2B segment.
Registration of new users and new deposits has been disabled. Users with already deposited funds are safe and can withdraw those funds to their SEPA based bank account plus continue to buy and withdraw BTC to any other wallets.
Withdrawals will operate normally through the Cashila website until 31 May 2017. Any users with remaining balances after this date will need to withdraw their funds by the 31st of March 2018 through customer support.
While not stating any specific reasons for the move, recent troubles with currency transfer service TransferWise may have contributed to the company’s frustration and decision to focus solely on B2B. Last summer, Cashila noted that Transferwise, which was often being used to deposit funds by clients suddenly started blocking company bank accounts used for deposits.
What is Cashila?
Operating since 2015, Cashila allows for the secure conversion of bitcoins into euros and the other way around. Users can execute payments to bank accounts immediately, or deposit funds for later use. The company is a licensed small payment institution, authorized to execute third-party payments.
Cashila serves as a EUR wallet which lets users transfer fiat (e.g. pay bills, cash out bitcoins), receive third-party fiat or bitcoin deposits (automatically converted to euro), keep funds in the wallet or convert them to bitcoin.
Clients can send euro and bitcoin, receive euro and bitcoin, keep euros in EUR wallet with service accessible to the following countries:
Åland Islands, Austria, Azores, Belgium, Bulgaria, Canary Islands, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, French Guiana, Germany, Gibraltar, Greece, Guadeloupe, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxemburg, Madeira, Malta, Martinique, Mayotte, Monaco, Netherlands, Norway, Poland, Portugal, Réunion, Romania, Saint Barthélemy, Saint Martin (French part), Saint Pierre and Miquelon, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom.