Bitwala, the blockchain-based banking service, has returned to the European cryptocurrency landscape, following a one-year hiatus during which it ceased operations as Nuri and returned customer funds in 2022.
Bitwala‘s journey has been a rollercoaster, with Striga, a compliant crypto and banking APIs provider, facilitating its return. Bitwala’s re-launch primarily focuses on cryptocurrency buying and selling, which has always been its core offering, while Striga handles the regulatory aspects.
A History of Challenges and Resilience
Founded in Germany in 2015, Bitwala faced its initial setback in January 2018 when Visa terminated its partnership with WaveCrest, the company’s card provider. This move led to the suspension of Bitwala’s services. However, the company rebounded by joining the European Fintech Alliance later that year and securing €4 million in funding ahead of a relaunch in November 2018.
In May 2021, Bitwala sought to rebrand itself as Nuri. However, a year later, the company filed for insolvency and advised consumers to withdraw their funds before liquidation.
Return with Striga’s Partnership
Bitwala has returned to its original name by partnering with Striga, a compliant banking infrastructure company serving fintechs and digital asset services. Striga offers a range of solutions, including native users’ onboarding, seamless fiat-to-crypto and crypto-to-fiat on/off ramping, crypto and fiat wallets, and a crypto-backed Visa debit card. These services are accessible via a unified set of APIs, allowing businesses to white-label them without needing licenses or handling regulatory and compliance issues.
European crypto-banking platform #Bitwala, formerly known as #Nuri, is making a comeback through a new partnership with #Striga, after temporarily ceasing operations and refunding customer funds in October 2022. ⚡️ pic.twitter.com/5Y7YHMQi1U
— FΞNNΞC (@Fennec_Network) November 8, 2023
The new crypto-banking app is operational in 29 countries within the European Economic Area (EEA). It provides users access to Bitcoin and Ethereum, which can be exchanged for the Euro and sent via SEPA (Single Euro Payment Area) transfers. Plans for the platform involve integrating the Lightning Network and introducing a crypto-backed Visa debit card in collaboration with Striga.
Bitwala’s Core Focus
Jan Goslicki, Chief Experience Officer at Bitwala, emphasized the company’s enduring focus on buying and selling crypto, recognizing its popularity in the market. Dennis Daiber, CEO of Bitwala, expressed gratitude for Striga’s guidance and patience, which have enabled Bitwala’s return to the market, ready to serve users seeking the simplicity of trading Bitcoin.