Berlin, 14. May 2020 – All 80,000 European customers of German neobanking service Bitwala can now leverage their Bitcoin wealth to earn up to 4.3% p.a. interest at the tap of a button. Bitwala customers will receive top-bracket interest rates in cooperation with Celsius Network, the world’s leading cryptocurrency lending platform, which re-invests Bitcoin on the credit market. Celsius Network has been paying an average of 3.4% p.a. in Bitcoin since November 2019, with peaks of up to 4.3% p.a. during the same period. Invested Bitcoins remain available for immediate conversion into Euro through Bitwala.



Passive income: First regulated opportunity to leverage real Bitcoin in Europe


As such, the new Bitwala Interest Account offers a passif Bitcoin income opportunity. Bitwala customers are the first banking customers in Europe to access Bitcoin directly on the blockchain. Hence, the Bitcoin Interest account is particularly attractive to long-term Bitcoin investors.



Bitwala CEO: Bitcoin is the Gold Standard for the Internet of Value


"Bitcoin is the gold standard for the Internet of Value. Immutably, there will be only 21 million Bitcoin. The 3rd Bitcoin Halving on May, 11th, 2020, helps us to remind that state money (fiat) cannot be inflated eternally. It’s the economy! No money printer produces peace and prosperity," says Ben Jones, CEO of Bitwala. "At this time, more and more people trust in Bitcoin. Bitwala is the everyday bridge to it. We are now partnering with Celsius Network, the world's leading provider of crypto loans, so that our customers can leverage Bitcoin holdings wherever they are".



Average yield up to 3.4% in the past months


With the new Bitcoin Interest Account, Bitwala stands out in the competition for modern banking customers. Those who do not yet own Bitcoin can buy and sell Bitcoin online or mobile from 30 euros by opening a free online Bitwala account.


Another innovation: The investment horizon can be adjusted freely as Bitcoin can be withdrawn at any time. Each Monday, Celsius Network automatically distributes income to wallets - regardless of whether Bitcoin was deposited with Celsius Network for just an hour or for a longer period. Anyone who has the Bitwala app on their smartphone will then be informed of their income weekly by a push notification directly to their mobile.


Celsius Network earns yield on Bitcoin by lending it out to trusted institutional partners against collateral. The credit risk is manageable as creditors need to over-collateralize their credit volumes (around 150% collateral). For borrowers, the crypto lending market offers access to assets for trading, arbitrage or market-making activities. 


They then distribute 80% of the revenue earned to their users every week, including those taking advantage of their product through Bitwala. Alex Mashinsky, CEO of Celsius Network comments: "We are thrilled to expand our business in Europe through Bitwala. At Celsius, one of our top priorities is mass adoption for cryptocurrency. Partnering with a respected company like Bitwala takes us one step closer to accomplishing this goal. We think combining a Bitcoin account with a bank account is a winning proposition and the path to mass adoption."


No charge applies to use the Celsius Network product in connection with Bitwala. Only the use of the public Bitcoin Blockchain is subject to a mandatory network fee. Interest can be converted to the Bitwala account in Euros in less than an hour and then immediately withdrawn with the Mastercard debit card, also free of charge. 



About Bitwala


More than 80,000 customers in 32 European countries (EEA) use the Berlin-based neobank Bitwala and trust its banking and cryptocurrency investment offering. We offer the most secure and simple way to invest in Bitcoin (BTC) and Ether (ETH) and allow customers to actively integrate blockchain into everyday life.


Manage your financial future online and mobile with Bitwala. Without hidden fees, and with a free Mastercard debit. Our accounts are hosted by the solarisBank AG, based in Berlin. The solarisBank is approved and supervised by the Federal Financial Supervisory Authority. 


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Note according to § 2 para. 10 of the German Banking Act


Bitwala GmbH offers brokerage of transactions for the purchase and sale of financial instruments pursuant to Section 1 (1a) sentence 2 no. 1 KWG and acts exclusively in the name and on behalf of solarisBank AG. Bitwala GmbH is entered in the public register maintained by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) on the Internet as a "contractually bound agent" of solarisBank AG within the meaning of Section 2 (10) KWG. The register can be viewed at www.bafin.de.


Special risk factors for the Crypto Interest Account


Investing cryptocurrencies via the Crypto Interest Account is associated with significant risks. The risks described below can occur individually or cumulatively. For the customer ("investor") there is the risk of total loss. The order in which the risks are presented does not provide any indication of the materiality of the risks, either in terms of their probability of occurrence or in terms of their impact on the investor and his claims. The further risk information on cryptocurrencies in § 8 of our General Terms and Conditions (https://www.bitwala.com/de/terms-of-service/) must be observed.