European cryptocurrency banking platform Bitwala is making a comeback, reverting to its original name after a period of pause during which it returned customer funds.
This resurgence comes as a result of a strategic partnership with the banking infrastructure company Striga, allowing Bitwala to leverage Striga’s “Banking and Crypto-as-a-Service” offerings.
The collaboration allows Bitwala’s crypto banking app to enhance its trading and card-issuing functionalities, according to Bitwala CEO Dennis Daiber.
Previously rebranded as Nuri in 2021, Bitwala faced insolvency in August 2022, attributing its financial challenges to the turbulence of the crypto market triggered by the Terra crash.
CEO Dennis Daiber revealed the difficulties encountered during the fundraising process:
“We had also hired ‘optimistically’ for the bank. At peak, we had 250 employees. Unfortunately, in the midst of the fundraising process, Celsius, FTX, Terra/Luna and Ukraine ‘happened,’ which caused all investors to refrain from investing. Thus, we ran out of money.”
Empowering Through the Partnership
The recent partnership with Striga marks a milestone for Bitwala, addressing the regulatory complexities that plagued the platform previously.
The integration with Striga enables Bitwala to access compliant digital assets and banking infrastructure seamlessly, relieving the platform of significant regulatory burdens.
Striga, founded in 2018, specialises in providing financial services infrastructure for companies operating in the realms of crypto and banking.
Benefiting from its establishment in Estonia, Striga brings valuable expertise to the partnership.
As a wholly-owned subsidiary of Lastbit, headquartered in Delaware, United States, it also contributes a wealth of assets.
Enhanced Services for Users
The Bitwala app is now available in 29 countries within the European Economic Area.
Bitwala’s future plans include the integration of the Lightning Network and the introduction of a crypto-backed Visa debit card, developments made possible through its partnership with Striga.
The platform’s renewed focus centres on enhancing accessibility and security for cryptocurrency users, providing a self-custodial Wallet for secure storage and enabling convenient on- and off-ramps for Bitcoin transactions.
CEO Dennis Daiber added:
“Jan Goslicki, one of the original co-founders, and myself — I have known the founders since 2011 and jumped on board at Bitwala as Head of Trading in 2018 — are crypto-first, Bitcoin-minimalistic believers in the mission and vision of Bitcoin,”
He also highlights Bitwala’s commitment to simplifying crypto usage for everyday transactions, with the launch of their Visa card.