Berlin-based Bitwala GmbH, the bitcoin and blockchain-based payment services company has announced they will launch a new equity token as it strives to form a unique blockchain bank with decentralized ownership.
Bitwala will be the first in Europe to offer tokens that represent equity in the underlying company, with participants able to take part in Bitwala’s Equity Token Generation (ETG) event taking place before the end of the year.
Contributors do not normally receive transfer of equity in the company as part of the token sale but receive what is known as utility tokens.
A secure legal and banking foundation
Bitwala’s crypto-first approach means that companies and individuals will no longer have to fear their bank account being shut down because they work with crypto. By establishing a fully-licensed German bank and government-recognized identity on the entity’s behalf, Bitwala aims to enable them to use their cryptocurrency to interface with the fiat world in a secure, frictionless and compliant way.
The Bitwala team stated they plan to expand to other countries mentioning the UK, Russia, South Korea and further down the road, apply for a U.S. banking license.
The company’s advisory board boasts expertise in banking, blockchain technology, and entrepreneurship, members include CEO and co-founder of Lisk Max Kordek; former Merrill Lynch Investment banker, Ricardo Schaefer; HGTF Managing Director Dr. Alex von Frankenberg; strategic advisor Niels Dörje; and consumer marketing consulting expert Andreas Hoerr.
Dr. Ricardo Schaefer commented:
“Blockchain has the potential to fundamentally change how we exchange financial value in an increasingly global marketplace.”
“Bitwala’s ambition to create a borderless banking solution that operates in harmony with current financial systems and regulations is truly game-changing. We are excited to join them on this journey, and look forward to celebrating imminent milestones with them.”
Bitwala CEO Jorg von Minckwitz commented:
“We are proud of our achievements to date, and remain firmly focused on achieving our vision of creating Europe’s first true blockchain-enabled bank.”
“With a number of important milestones imminent, we are excited to take Bitwala to the next level, and make banking faster, cheaper and accessible to even more consumers and businesses.”
Bitwala, founded in 2015, already has an international money transfer service that allows money to be sent from 60 major cryptocurrencies into Euros, British Pounds, and 20 other fiat currencies to over 150 countries worldwide.
It also offers a VISA powered debit card so users can access funds online and offline, as well as a bitcoin supporting API that allows white-labeled access to their products for business solutions.