The bitcoin bank based in Berlin, Bitwala announced on January 7; it has launched Ether (ETH) as a second digital currency on its platform. Thus, users have up to two different cryptos, Bitcoin and Ether, to store, trade, and manage.
Per the report, the customer can be able to exchange Euro and Ether within minutes on its app, as the feature exclusively launched on the Bitwala’s mobile app.
Meanwhile, the Ethereum wallet is backed up with one seed phrase. This allows users to access their coins, in case they lose access to your Bitwala account. Also, users get a cryptographic key, locked away in their smartphone security module, once they set up the wallet.
Technically, the Ethereum wallet runs on a “Your Keys, Your Crypto” mantra. The key can be accessed by the Bitwala mobile app only, upon using biometric authentication.
The wallet can use any ERC-20 tokens; however, users might not be able to view or manage them in the Bitwala interface.
Bitwala Has Faith on Ethereum
The decision to list the second-largest crypto could be related to its contribution to the growing decentralized finance (DeFi) movement. In the announcement, Bitwala explained that smart contract platforms like Ethereum are essential cornerstones for innovation in finance and banking.
“Ethereum compliments our mission to fulfill our vision of a world where people are empowered to exchange value like they exchange information: globally, instantly, and at the lowest possible cost,” Bitwala said.
In contrast to digital currency exchanges; the bitcoin bank added that its main objective is to make blockchain-enabled finance more accessible to the public. Not only for cryptocurrencies.
Of course, unlike Bitcoin, Ethereum has quite a lot of activities that keep it ahead of other alternative coins. Its high liquidity helps it maintain resistance to volatility than other altcoins.
“We believe Ethereum and the development happening within the ecosystem opens a new gateway to interact with the Web 3.0 and the growing digital economy spreading across the globe.”