Bitwala, a German-based bitcoin exchange and payment company, today announced that only weeks after their official launch, users have already traded a total of EUR 1 million worth of bitcoin.

Bitwala is the only banking service presently active in the European Economic Area (EEA = E.U., EFTA, Switzerland) offering a free current account with a built-in bitcoin wallet.

As many as 30 EEA countries are already represented in Bitwala’s growing user base. Only about half of the growing customer base resides in Germany. The top-5 countries outside of Germany are Austria, the U.K., Switzerland, Italy, and France.

Customers of Bitwala are onboarded during a short video identification process, which only takes a couple of minutes and can be done via a mobile device such as a smartphone. After verified, they can immediately access all benefits of a German bank account, including legal guarantees for Euro funds of up to EUR 100,000.

Bitwala’s framework falls squarely within the legal requirements of German and European banking supervision, given that the current accounts are hosted by solarisBank, the Berlin-based tech platform with a German banking license. Therefore, Bitwala can guarantee to be fully compliant with Anti-Money Laundering or other protective restrictions that are standard procedure for any German bank.