Bitwala Makes a Comeback in the Crypto Scene with Striga’s Support
Reviving Its Core Business, Bitwala Reenters the Market
London, 9th November 2023 – After a year-long hiatus following its rebrand as Nuri and subsequent insolvency in 2022, Bitwala, the blockchain-based banking service, has returned to the European crypto sphere. This revival has been made possible through a strategic partnership with Striga, a leading player in compliant crypto and banking APIs.
The Bitwala journey has been nothing short of a rollercoaster ride, from its inception in Germany in 2015 to its recent resurgence. One of the first setbacks came in January 2018 when Visa terminated its partnership with Bitwala’s card provider, WaveCrest. This move brought Bitwala’s services to an abrupt halt. Nevertheless, the company returned by joining the European Fintech Alliance later in the same year and securing €4 million in funding ahead of a relaunch in November 2018.
In May 2021, the company rebranded itself as Nuri but encountered further troubles as it filed for insolvency a year later. At that point, it advised consumers to withdraw their funds before liquidation.
Bitwala’s revival has been orchestrated through a collaboration with Striga, a compliance-focused banking infrastructure company specialising in fintechs and digital asset services. Striga offers solutions, including user onboarding, seamless fiat-to-crypto and crypto-to-fiat transitions, crypto and fiat wallets, and a crypto-backed Visa debit card. It sets Striga apart by providing these services through a unified set of APIs, enabling businesses to white-label them without needing licenses or dealing with regulatory and compliance hurdles.
The newly relaunched crypto banking app is now operational in 29 European Economic Area (EEA) countries. Users can access Bitcoin and Ethereum, which can be seamlessly exchanged for the Euro and sent using SEPA (Single Euro Payment Area) transfers. Plans include integrating the Lightning Network and introducing a crypto-backed Visa debit card, all being developed in partnership with Striga.
Jan Goslicki, Bitwala’s Chief Experience Officer, stated, “Buying and selling crypto has always been at the heart of Bitwala’s business. While we’ve explored various use cases in the market, the truth is that everyone wants to buy BTC and sell it when the price rises.”
Dennis Daiber, CEO of Bitwala, expressed his gratitude for Striga’s guidance, saying, “Thanks to the exceptional guidance and patience displayed by the Striga team, Bitwala has returned to the market. We’re ready to re-onboard all the users who have missed the simplicity of trading Bitcoin.”
This partnership marks a significant milestone in Bitwala’s history as it reverts to its original mission, focusing on enabling everyday usage of Bitcoin. With Striga’s support, Bitwala aims to provide a secure and user-friendly platform for crypto enthusiasts within the European Economic Area.
In conclusion, Bitwala’s resurgence underlines the resilience of the crypto industry. With Striga’s backing, it is poised to offer users a seamless and compliant crypto-banking experience across Europe. As the crypto market continues to evolve, Bitwala’s return is a testament to its commitment to the core principles of buying and selling crypto in a user-centric manner.
