Coming up with new and creative use cases for Bitcoin and digital currency is not an easy task, as most consumers see digital currency as something that has little to no use case sin the real world. Ever since services such as Bitwala came along, however, things became quite different. It comes as no surprise this company has secured a round of funding, but very few people expected it to be in the region of US$900,000.
Bitwala Closes Massive Round of Funding
Even though this is the first ever round of seed funding for Bitwala, the company has garnered a lot of interest from investors looking to become part of the Bitcoin ecosystem. Running a self-funded Bitcoin startup since early 2012 is nothing short of commendable, as very few companies can provide similar track records while serving several thousands of customers in the process.
So far, Bitwala has handled transactions more than several million EUR, and their services span across Asia, Europe, and Africa. Especially that last country is kind of interesting to take note of, as a lot of companies are trying to gain ground in this region through their Bitcoin efforts, yet fail to do so.
Securing the seed funding of over US$900,000 is a significant step for the Bitcoin company, but for them, it is not just about the money. Instead, they cherish the new partnerships which have been formed as a result of this adventure. While funding is always positive – and necessary – finding the right VCs for the company was an even bigger hurdle to overcome.
Among the VCs partaking in this round of funding are HTGF, and the list of partners range from the German Federal Ministry of Economics and Technology to DHL, BASF, and Deutsche Telekom. As one would come to expect from any significant fundraising in the Bitcoin world, Digital Currency Group was on board as well.
All in all, the round of funding is an important milestone for Bitwala, as it will help the company expand their services to other regions of the world. North and South America are not supported yet, and it would be interesting to see the company make a move in this direction. However, due to tight regulation of Bitcoin companies, that might be more than Bitwala can chew right now.
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