Bitwala, a cryptocurrency banking app, has announced its relaunch through a new partnership with Striga, a financial services provider.
The European crypto-banking platform Bitwala, formerly known as Nuri, is making a return after suspending its operations in 2022.
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Bitwala, formerly known as Nuri, is a European cryptocurrency banking platform that has made a comeback after suspending its operations in 2022 and returning customer funds. The company announced its relaunch in partnership with Striga, a banking infrastructure firm. This partnership has allowed Bitwala to offer "Banking and Crypto-as-a-Service," which enables the crypto banking app to leverage Striga's trading and card-issuing functionality.
Bitwala had faced significant challenges in 2022 and had to file for insolvency due to liquidity issues, mainly caused by the broader crypto bear market triggered by the Terra crash. Bitwala asked its 500,000 users to withdraw their assets before a year-end deadline.
The partnership with Striga has helped Bitwala overcome key regulatory challenges by providing compliant digital assets and banking infrastructure "out of the box," without the need to handle extensive regulatory burdens. Striga, established in 2018, specializes in offering financial services infrastructure for companies in the crypto and banking sectors. Striga is based in Estonia and is a fully-owned subsidiary of Lastbit, an entity incorporated in Delaware, United States.
Bitwala's relaunch makes its app immediately accessible in 29 countries within the European Economic Area. Users in these countries can buy and sell Bitcoin and Ether using Single Euro Payment Area transfers. Bitwala's future plans include integrating the Lightning Network and introducing a crypto-backed Visa debit card, all of which are being developed in collaboration with Striga.
Bitwala's relaunch represents a significant milestone for the company, which has faced numerous challenges since its founding in Germany in 2015. The company is known for its past partnership with the now-bankrupt crypto lender Celsius, which offered annual interest on Bitcoin in 2020.
Bitwala's CEO, Dennis Daiber, emphasized that the relaunched product is centered around the self-custodial Wallet, providing secure self-storage for users' crypto assets. This approach harks back to Bitwala's original mission and vision from 2015, shedding ambitions to become a bank or engage in unnecessary complexity.
Daiber added that Bitwala will focus on enabling everyday usage of Bitcoin through on- and off-ramps and plans to launch a Visa card later this week. This relaunch showcases Bitwala's commitment to its crypto-first, Bitcoin-minimalistic beliefs, which are at the core of its mission and vision for the future.
