Bitwala Makes a Comeback to the Crypto Scene
After undergoing rebranding and reevaluating its strategies following last year’s bankruptcy, Bitwala has made a surprise return to the cryptocurrency scene. The Bitwala app is now available in 29 countries in the European Economic Area (EEA), offering users access to Bitcoin and Ethereum, which can be exchanged for the Euro and sent using SEPA transfers.
However, Germany, the company’s home country, is notably absent from the list of supported countries. German users will have to wait a little longer due to specific procedures related to on- and off-ramp services. A compliant solution tailored for Germany is currently being developed and is expected to be available by the end of the year.
One unique feature of Bitwala is its use of self-custodial wallets, giving users full control over their digital assets. The integration of the Lightning Network and the launch of a crypto-backed Visa debit card are also planned.
Bitwala 2.0
The reemergence of Bitwala marks a return to its roots. The company started operations with the same product range back in 2014 but later diversified its offerings and changed its name to Nuri in 2021. However, challenges arose, including an accident involving one of the founders and market pressures.
Last year, Nuri faced financial difficulties that led to a workforce reduction and ultimately filing for bankruptcy. Despite this setback, Bitwala’s core product remained strong. The relaunch of Bitwala was made possible with help from investors and technology partners.
Hot Take: Bitwala’s Rebirth in the Crypto Market
Bitwala’s return to the cryptocurrency scene signifies a fresh start for the company. After overcoming financial challenges and reevaluating its strategies, Bitwala is now focused on providing users with access to Bitcoin and Ethereum in the European Economic Area. The company’s commitment to self-custodial wallets ensures that users have full control over their digital assets, enhancing security and autonomy.
With plans to integrate the Lightning Network and launch a crypto-backed Visa debit card, Bitwala aims to offer innovative solutions that cater to the needs of crypto enthusiasts. The relaunch has been made possible through partnerships and investments, demonstrating renewed confidence in Bitwala’s potential.
As Bitwala looks ahead, it is positioned to leverage the growing interest in cryptocurrencies and capitalize on future market opportunities. The company’s focus on building for crypto natives and prioritizing security sets it apart in the evolving crypto landscape. Bitwala’s rebirth marks a promising chapter in its journey as it strives to provide users with freedom of transaction.
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