According to the defiprime.com report, German bank Bitwala is the first classic fiat bank to offer interest for holding the leading cryptocurrency Bitcoin in their account, with three other DeFi DApps offering similar products. All 80,000 users of the German neobank can now purchase, hold, and earn interest on the leading crypto in their bank accounts. German neobank Bitwala partnered with the cryptocurrency lending platform Celsius Network to offer this service to its users.
German bank Bitwala offers fiat and crypto services in 32 European countries.
The German neobank Bitwala is better regulated and offers fiat and crypto services in 32 European nations under license from leading German bank SolarisBank AG. Bank’s users can buy as little as 30 Euro worth of BTC and hold it in their free Bitcoin Interest Account and receive interest payouts weekly. The cryptocurrency in the accounts is given out through the Celsius Network to ‘trusted partners.’ Crypto funds can be converted back to fiat immediately. The CEO of the German bank Ben Jones called the Bitcoin halving as a reminder that fiat money cannot be inflated eternally.
Trust in bitcoin is increasing, claims Bitwala’s CEO.
The CEO of Bitwala, Ben Jones, said in a statement that at this moment, more and more people are trusting Bitcoin. Bitwala is the everyday bridge to it, and the bank is now partnering with Celsius Network, the world’s leading provider of crypto loans so that the customers can leverage Bitcoin holdings irrespective of their locations, he added. Neobank startups have emerged in the last four years or so in an attempt to bridge the fiat and crypto finance industries. But only a few of the have obtained full banking licenses and none of which offer Bitcoin investment accounts. Earlier, the former Barclays executive Mark Hipperson launched the partially licensed Starling Bank as a crypto-friendly neobank.