Bitwala

Bitwala is a German cryptocurrency financial-services brand that combines digital-asset storage, payments, trading, and related financial products. Founded in Berlin in 2015 by Jörg von Minckwitz, Jan Goslicki, and Benjamin P. Jones, the company initially positioned itself as a blockchain-based payments provider. Its early service used Bitcoin and other digital currencies to facilitate international transfers, converting crypto into fiat currencies and supporting transfers through European and international banking rails. The company's first major operating interruption came in January 2018, when WaveCrest Holdings, its prepaid-card infrastructure provider, lost its Visa licence after a regulatory action by the Gibraltar Financial Services Commission. The decision affected several cryptocurrency card companies and forced Bitwala to suspend card-related services. Later in 2018, Bitwala rebuilt its proposition around a regulated banking arrangement. It partnered with Solarisbank, now generally known as Solaris, and relaunched a service combining Bitcoin functionality with euro banking through a German bank account. Bitwala described this offering as an early regulated blockchain-banking product in Europe. The business attracted venture funding during this expansion. In September 2018 it announced a €4 million financing round involving Earlybird and Coparion. A further Series A round in July 2019 was led by Sony Financial Ventures and NKB Group, with participation from Earlybird and Coparion. By early 2021, the company reported more than 200,000 customers in 32 European countries and had become one of Germany's larger cryptocurrency-oriented neobanking services. In May 2021, Bitwala changed its consumer-facing name to Nuri as it sought to broaden its identity from a crypto-focused service into a wider neobank. The renamed company expanded its workforce and pursued a banking licence. That strategy was undermined by the severe cryptocurrency market downturn of 2022. Nuri filed for insolvency on 9 August 2022, citing liquidity pressure associated with the crypto-market crisis and the failures of major industry participants. Its operations ended in October 2022, while customers were directed toward Vivid Money. The company stated that customer assets held through its banking partner were not part of the insolvency estate in the same way as the operating business. Bitwala returned as a brand in November 2023 after the insolvency period. The revived business partnered with Striga, an Estonia-based banking and crypto infrastructure provider associated with Lastbit. Rather than attempting to operate as a fully licensed bank, the relaunched model uses external regulated infrastructure for card issuance, account connectivity, and compliant crypto services. Its current proposition centres on a self-custodial Bitcoin wallet, allowing customers to retain control of their private keys, with euro on- and off-ramps through SEPA transfers. The product range also includes trading in Bitcoin, Ether, and USDC, a Visa debit card, and crypto-backed loans. The revived Bitwala brand has also experimented with alternative financing. In February 2024, it announced a post-relaunch funding round led by Blockchain Founders Fund. In mid-2024, the company introduced the BWALA Token through Tokenize.it, presenting the instrument as tokenised equity in Bitwala GmbH with dividend and exit-related rights. Bitwala GmbH is registered in Berlin and is managed by Dennis Daiber and Jan Goslicki. The brand's present positioning is narrower and more crypto-native than the Nuri-era neobank strategy: it emphasises user-controlled digital assets, accessible fiat connectivity, and spending functionality without claiming to be a conventional full-service bank.

Bitwala began operations in Berlin in October 2015, founded by Jörg von Minckwitz, Jan Goslicki, and Benjamin P. Jones. Its initial product was a blockchain-based international payment service. Customers could use Bitcoin or other digital currencies as part of transfers that were converted into fiat currencies and delivered through SEPA or SWIFT-related banking channels. The early service was designed to make international remittances and currency conversion more accessible through cryptocurrency infrastructure. A significant setback occurred in January 2018 when WaveCrest Holdings, the provider behind Bitwala's prepaid card, lost its Visa licence after action by the Gibraltar Financial Services Commission. The decision was connected to compliance concerns and affected multiple cryptocurrency card providers. Bitwala subsequently shifted from a card-led payments model toward a broader banking proposition. It joined the European Fintech Alliance in August 2018, raised €4 million from Earlybird and Coparion in September, and announced a partnership with Solarisbank in October. The company relaunched in November 2018 with a service combining Bitcoin functionality and euro deposits in a German bank account provided through Solarisbank. This arrangement allowed Bitwala to present itself as a regulated blockchain-banking service while relying on a licensed banking partner for core banking infrastructure. In July 2019, Sony Financial Ventures and NKB Group led a €13 million Series A investment, joined by earlier backers Earlybird and Coparion. By early 2021, Bitwala had reported more than 200,000 customers across 32 European countries. In May 2021, Bitwala changed its name to Nuri. The rebrand reflected an attempt to expand beyond a specialist cryptocurrency service and become a broader digital bank. During this period the company grew to approximately 250 employees and pursued its own banking licence. The strategy became difficult to sustain as cryptocurrency markets weakened sharply in 2022. Nuri filed for insolvency on 9 August 2022, identifying liquidity difficulties linked to the wider crypto-market crisis, including the collapse of Terra/Luna and failures involving Celsius and FTX. The company's operating activities ended in October 2022, and its customer relationships were subsequently transferred toward Vivid Money. Nuri stated that funds and investments held with Solarisbank were unaffected by the insolvency in the manner of company operating assets. The brand was revived in November 2023 as Bitwala. The new business partnered with Striga, an Estonian banking and crypto-services infrastructure provider associated with Lastbit. This structure enabled Bitwala to offer crypto trading and card services through external infrastructure rather than immediately obtaining a full banking licence. The relaunch focused on a self-custodial Bitcoin wallet, with customers retaining control of their private keys, and SEPA-based euro on-ramps and off-ramps. The range later included Bitcoin, Ether, and USDC trading, a Visa debit card usable online, in shops, and at ATMs, and loans secured by cryptocurrency collateral. Bitwala also pursued new financing and ownership mechanisms after its return. In February 2024, Blockchain Founders Fund participated in a post-relaunch funding round. In mid-2024, Bitwala launched the BWALA Token through Tokenize.it, describing it as tokenised equity in Bitwala GmbH with rights linked to dividends and a possible exit. The current entity is registered as Bitwala GmbH in Berlin and lists Dennis Daiber and Jan Goslicki as managing directors. Its contemporary identity is therefore a crypto-financial brand centred on self-custody, payments, and access to digital-asset services rather than the broader neobank strategy associated with the Nuri period.

1. 2024Post-relaunch financing

   Bitwala announces a new funding round involving Blockchain Founders Fund.

   Source
2. 2024BWALA token launch

   Bitwala introduces a tokenised equity offering through Tokenize.it.

   Source
3. 2023Return of the Bitwala brand

   The business relaunches under the Bitwala name with Striga as an infrastructure partner.

   Source
4. 2022Insolvency and closure

   Nuri files for insolvency in August and ceases operations in October.

   Source
5. 2021Rebrand to Nuri

   Bitwala adopts the Nuri name as it expands its neobank positioning.

   Source
6. 2019Series A financing

   The company announces a Series A led by Sony Financial Ventures and NKB Group.

   Source
7. 2018WaveCrest card disruption

   Bitwala's prepaid-card services are affected after its card provider loses its Visa licence following regulatory action.

   Source
8. 2018Solarisbank partnership and banking relaunch

   Bitwala partners with Solarisbank and relaunches a combined Bitcoin and euro banking service.

   Source
9. 2015Bitwala is founded in Berlin

   Jörg von Minckwitz, Jan Goslicki, and Benjamin P. Jones establish Bitwala as a blockchain-based payments company.

   Source

A crypto-native financial-services brand that connects self-custody and digital-asset trading with everyday euro payments and card spending.

• Self-custodial walletCryptocurrency wallet2023

  Bitwala's relaunch centres on a self-custodial wallet, primarily for Bitcoin. The model is intended to give users control of the private keys associated with their holdings instead of placing custody entirely with a centralised exchange or bank. The wallet is connected to fiat funding and withdrawal through SEPA transfers, allowing customers to move between euro balances and supported digital assets.

• Crypto tradingDigital-asset exchange service2023

  The trading service allows customers to buy and sell supported digital assets using euro transfers. The relaunch materials identify Bitcoin, Ether, and USDC among the supported assets. Trading is presented as part of an integrated wallet-and-payments experience rather than as a standalone institutional exchange.

• Visa debit cardPayment card2023

  Bitwala's physical and virtual Visa cards are designed to let users spend from crypto or euro balances at point-of-sale terminals, online merchants, and ATMs. Card issuance and related banking infrastructure are supplied through the company's external service partners. The product restores a card-based payments capability that had been disrupted during Bitwala's earlier WaveCrest arrangement.

• Crypto-backed loansSecured lending

  Bitwala offers borrowing against cryptocurrency collateral. This product extends the brand beyond payments and trading into asset-backed finance, although detailed information about eligible collateral, loan-to-value ratios, pricing, and jurisdictions is not established in the supplied reference material.

• BWALA TokenTokenised equity2024

  The BWALA Token is an offering presented through Tokenize.it as tokenised equity in Bitwala GmbH. The company describes the tokens as carrying a one-to-one equity representation together with rights connected to dividends and a potential exit. It represents an alternative financing and ownership channel rather than a consumer payment token.

• 2024Launch of BWALA tokenised equityProduct launch

  After relaunching, Bitwala pursued a financing structure that could provide public access to an interest in the private company.

  What changed. The company introduced BWALA Tokens through Tokenize.it, describing them as tokenised equity with dividend and exit-related rights.

  Aftermath. The offering added an equity-financing dimension to Bitwala's crypto-native brand and product ecosystem.

  Source
• 2023Relaunch under the Bitwala nameStrategy

  Following Nuri's insolvency and closure, the business returned with a more focused crypto-financial proposition.

  What changed. Bitwala relaunched with Striga supplying banking and crypto infrastructure, prioritising self-custody, trading, fiat connectivity, and card payments.

  Aftermath. The revived brand operates as a crypto-focused service rather than attempting to immediately replicate a full-service bank.

  Source
• 2021Rebrand from Bitwala to NuriStrategy

  The company sought to broaden its appeal beyond a specialist cryptocurrency and payments audience.

  What changed. Bitwala changed its consumer-facing brand to Nuri and pursued a wider neobank proposition.

  Aftermath. The Nuri business entered insolvency in 2022 and ceased operations later that year.

  Source
• 2018Shift from prepaid cards toward partner-enabled blockchain bankingStrategy

  The loss of WaveCrest's Visa licence disrupted Bitwala's early prepaid-card service and created a need for a different operating model.

  What changed. Bitwala partnered with Solarisbank and relaunched a product combining Bitcoin services with euro banking through a German bank account.

  Aftermath. The partnership-based model became the foundation for Bitwala's growth as a crypto-oriented neobank in Europe.

  Source

• 2024Bitwala announces post-relaunch funding

  Blockchain Founders Fund participated in the first reported funding round after the Bitwala relaunch.

  Other
  Source
• 2024Bitwala introduces BWALA tokenised equity offering

  Through Tokenize.it, Bitwala introduced a token representing an equity interest in Bitwala GmbH, with stated dividend and exit-related rights.

  Product launch
  Source
• 2023Bitwala brand returns after insolvency proceedings

  The business relaunched under the Bitwala name with Striga providing banking and crypto infrastructure.

  Other
  Source
• 2022Nuri files for insolvency

  Nuri entered insolvency proceedings amid liquidity difficulties during the cryptocurrency market downturn. Operations ended later that year and customers were directed to Vivid Money.

  BankruptcyOther
  Source
• 2021Bitwala rebrands as Nuri

  The company adopted the Nuri name while broadening its positioning toward a more general neobank proposition.

  Other
  Source
• 2019Bitwala announces €13 million Series A

  Sony Financial Ventures and NKB Group led a Series A financing round with additional participation from Earlybird and Coparion.

  Other
  Source
• 2018WaveCrest Visa licence revocation disrupts Bitwala card services

  Bitwala's prepaid-card services were disrupted after WaveCrest Holdings lost its Visa licence following a regulatory action citing compliance failures.

  RegulationOther
  Source
• 2018Bitwala raises €4 million and announces Solarisbank partnership

  The company raised venture funding and partnered with Solarisbank as it rebuilt its product around a regulated crypto-and-euro banking model.

  M&A
  Source

1. Bitwala