German Payment Service Provider Blockchain Bitwala Announced the Launch of a New Crypto-First Banking Service for German customers, with accounts, international bank account numbers (IBAN), SWIFT codes and MasterCard debit cards, Cointelegraph Deutsch reported on Tuesday 27 February.

An application process is currently underway with the German Federal Financial Supervisory Authority (BaFin) approving the project. The payment service provider points out that German insurance deposits will protect client funds for amounts up to 100,000 euros.

The blockchain banking service will offer Bitwalas customers a complete package to exchange and pay with Bitcoin and other cryptocurrencies. With the integration of bank accounts, the service will also allow for normal bank transfers and the use of credit cards.

This is Bitwala's second attempt to offer debit cards for cryptocurrencies. Previous plans were thwarted when Visa ceased trading with Wavecrest debit card provider. Almost all cryptographic card providers have suffered some restrictions from the major credit card companies.

The Swiss start-up Volines was forced to close due to the refusal of the main card suppliers to cooperate.