Today we publicly launched ether (ETH) as the second cryptocurrency on Bitwala, which allows you to store, manage and trade Ether against Euro directly from your Bitwala bank account.
You can now exchange Euro and ether within minutes, on-demand, 24/7. The feature will be available exclusively on the Bitwala mobile app and is now available to our entire user-base.
In contrast to cryptocurrency exchanges, it is our mission to not only make cryptocurrencies but also blockchain-enabled finance easily accessible to everyone. We see smart contract platforms like Ethereum as important cornerstones for innovation in finance and banking. Ethereum compliments our mission to fulfil our vision of a world where people are empowered to exchange value like they exchange information: globally, instantly and at the lowest possible cost.
How does the Ethereum wallet work?
The Ethereum (ETH) wallet currently is only available on mobile and is backed up with one seed phrase, which lets you access your coins, even if you lose access to your Bitwala account. When you set up your Ethereum wallet, a cryptographic key is generated and locked away in your smartphone security module. It can only be accessed by the Bitwala mobile app, and only upon using biometric authentication.
Every transaction requires confirmation from your device key, meaning no one else can access your funds – not even the Bitwala team.
With the new Ethereum wallet, we maintain our mantra "Your Keys, Your Crypto" to ensure high levels of security for our user-controlled crypto wallets.
This wallet solution guarantees high industry standards, where every transaction requires a confirmation from the smartphone via PIN, Face ID or Fingerprint - you’re the only one that can access and control your funds and transactions, not us, nor anybody else.
While you can receive any ERC-20 tokens in your Ethereum wallet, you will not be able to view or manage them in the Bitwala interface.
Now you can swipe between three worlds: bitcoin, euro & ether
Ethereum, the gateway to the Web 3.0
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.
Being the second-largest cryptocurrency by market capitalisation, after Bitcoin (both making up about 75% of the market capitalization of all cryptocurrencies), Ethereum shows high liquidity, making it more resistant to volatility than other altcoins with lower liquidity and a smaller market cap.
While Ethereum continues to face challenges around scalability, we are looking forward to the planned upcoming development of Ethereum 2.0, an upgrade moving the platform away from a proof-of-work (PoW) system of transaction validation to proof-of-stake (PoS).
The Ethereum ecosystem itself continues to expand and last year brought a new wave of innovation and blockchain growth. The Ethereum network improved via several network upgrades and increased developer mindshare. In 2019, 20+ million Ethereum accounts were created with 4 million newly active Ethereum addresses and 520 new decentralized applications were created.
While many of these dApps are yet to prove real use cases and value capture, we welcome innovation, particularly in the decentralized finance (DeFi) space, which locked up hundreds of millions of dollars in value into Ethereum, recently surpassing $650 million.
Ether itself has become the go-to collateral asset for DeFi platforms and applications.
We’ll continue to build out our Ethereum wallet capabilities and features, with a closer look at ERC-20 token capabilities, DeFi protocols as well as security and wallet recovery features. Stay tuned.