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EXCLUSIVE: BEN JONES, CTO & CO-FOUNDER OF BITWALA TALKS BANKING IN THE CRYPTO AGE

Published

7 years ago

on

A chat with Ben Jones, CTO and Co-founder of revolutionary bank account and crypto services provider Bitwala.

The potential of blockchain and cryptocurrencies, combined with the passion of start-ups, is changing the world of banking and forcing traditional institutions to play catch-up. One of the companies at the very forefront of that change is Bitwala.

So, we caught up with Ben Jones, Chief Technology Officer and Co-founder of Bitwala, to find out what makes this start-up so interesting, what the future holds for the trailblazing company, his view on regulation, and how it feels to have grown a company from three guys and a dog to a fully-fledged financial services provider in just a few short years.

 

Can you tell us a little about Bitwala, and why your accounts are better than traditional bank accounts?

Bitwala offers the world’s first all-in-one platform combining a regular bank account, a Bitcoin wallet, and seamless bitcoin trading options. Our customers can easily buy and sell bitcoin – whether online or mobile – with fast liquidity directly from their bank account, hosted by a German partner bank. We only charges a competitive 1 per cent fee for every bitcoin trade.

Also, Bitwala customers are benefiting from top-of-class legal and technical safeguards made in Berlin: Euro deposits of up to 100,000 Euro are protected by the German deposit guarantee schemes. These high legal and technical standards render Bitwala one the safest and quickest ways to trade and manage Bitcoin holdings.

 

What plans do you have for the capital you raised in your latest funding round?

The funds will be used to support our growth strategy to increase our user base across Europe and to offer more cryptocurrencies as well as business accounts. Also, we are currently expanding our team across all business segments, and are looking for talented and hungry individuals, who want to build the future of finance with us.

Read more about Bitwala’s latest funding round here.

 

Why did you choose to base Bitwala in Berlin?

Berlin is a vibrant city with a very active crypto scene, I mean, I am where I am now because of the great community here. Also, Berlin is very open-minded and attractive for talented individuals from all around the world.

 

Do you think we are witnessing the death of the traditional financial system?

Blockchain is a revolutionary technology and we are just at the beginning of what will happen. When it comes to adapting to the needs of the digital economy, traditional banks are quite slow, while startups are more flexible and fast-paced. So, the banking landscape will definitely change drastically in the upcoming years.

At Bitwala we are building the world’s first bank to bridge the traditional financial system and the decentralized digital economy. We aim to empower people to exchange value like they exchange ideas: Globally, instantly and at the lowest possible cost.

 

What are your thoughts on cryptocurrency regulation?

On the one hand, the regulatory approach is regarded as strict and negative from a free-minded crypto community perspective. But, on the other hand, for adoption in the future mass market the regulation will provide investors in crypto assets more stability and safety for their investments. Bitwala is regulated in one of the strictest jurisdictions and for us this is quality feature. We want a more consistent European regulation in banking and finance, especially with regard to cryptocurrencies and digital assets.

 

Why do you think so many politicians are still anti-cryptocurrency?

Mostly people are overwhelmed by the complexity of the crypto ecosystem. They have a hard time understanding how cryptocurrencies work. They are not aware that there are easy solutions out there like Bitwala, that take away that complexity and just make it simple. When the internet was emerging, some politicians also argued that that should be banned.

 

Do you think Facebook’s Libra will encourage more people to enter the crypto space?

Facebook has over 2 billion users worldwide, I think the launch of its own cryptocurrency will cause more mainstream crypto adoption. But this depends all on the ease of use, practicality and feasibility of the solution. The best thing for the community about Libra so far is that it’s brought cryptocurrency into the spotlight.

 

What got you interested in blockchain in the first place?

Definitely the community. A couple of years ago, I stumbled into the world of cryptocurrency by accident, the enthusiasm and intelligence of the vibrant crypto community in Berlin convinced me to build my first business around blockchain.

 

How does it feel to have gone from a start-up consisting of three guys and a dog, to a fully-fledged bank in just a few short years?

When we started in 2015, I never dared to imagine for Bitwala to grow into such a thriving business with so many talented people and thousands of customers across Europe. Today, we are offering a bridge for both mainstream users and blockchain buffs, who want to interact with the emerging blockchain ecosystem – the growing digital economy spreading across the globe. While there is still huge upside potential, it has already been a humbling experience to see the ecosystem grow and for Bitwala to play such an important part in that. I could not be more proud of the team!

 

Getting Bitwala to where it is today clearly hasn’t been easy, so what advice would you give those currently trying to get a start-up off the ground?

The most important thing for an early-stage startup is that there is a very strong bond and a shared vision between the co-founders. Also, flexibility is a key factor. Talk to as many customers and investors as possible and adapt your pitch and business accordingly. Finally, always check and re-check your assumptions.

 

 

One thing is for sure, Bitwala is certainly giving the big banks a run for their money! It will be fascinating to watch where Bitwala goes next, but whatever happens, given the sheer convenience and value of their offering, we’ve got a feeling this is still just the beginning.

We’d like to say a huge ‘thank you’ to Ben for taking time out of his busy schedule to talk with us, and we’ll be sure to keep you up to speed with the exciting developments at Bitwala.

Want to find out more about Bitwala’s game-changing bank accounts and crypto services? Check out https://www.bitwala.com/ today.

 

If you found this interesting, make sure you see our interview with Dave Pulis, Chief Executive Officer at ZBX – the Malta-based crypto exchange that also offers bank accounts, here.

 

 

Interview features the opinion of the interviewee and does not necessarily reflect the views of Pentagon Digital Limited.

READ MORE: EXCLUSIVE: TALKING INNOVATION WITH RAY DAVIES, CHIEF OPERATING OFFICER AT BLOCKCHAIN LOTTERY QUANTA

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Blockchain

VCOIN LAUNCHES DEBIT CARD WITH UPHOLD: IMVU USERS EARN IN-GAME & SPEND IN REAL LIFE

VCOIN has teamed up with Uphold on a debit card that lets IMVU users spend currency earned in-game on real-world purchases.

Published

5 years ago

on

June 29, 2021

By

Vcoin launches debit card with uphold: imvu users earn in-game & spend in real life

VCOIN, the transferable digital currency used in the social metaverse app IMVU, has launched a debit card in partnership with digital money platform Uphold, allowing users to take value earned inside the virtual world and spend it in real life.

IMVU users can now withdraw VCOIN to an Uphold account and spend it using the Uphold debit card, earning 2% cashback on every purchase, both online and in store.

How the card works

The card is available first to US residents, with international availability to follow. Digital-only cards are free to order and use through the Uphold Card app, while a physical card carries a one-off fee of $9.95. Cashback on purchases is paid into the cardholder’s Uphold account.

From virtual economy to real wallet

VCOIN was first introduced inside IMVU, the friend-discovery and social metaverse app operated by Together Labs. IMVU runs one of the larger virtual economies of any social platform, with around 27 million transactions and 14 billion credits changing hands each month, according to the company.

The debit card closes the loop between that in-app economy and everyday spending. Creators and users who earn VCOIN by selling virtual goods or participating in the community can now convert those earnings into money they can use at ordinary merchants, rather than keeping the value locked inside the app.

A test case for the creator economy

The launch reflects a wider effort across gaming and virtual worlds to let users earn real income from in-game activity. It also highlights the regulatory hurdles involved: by routing withdrawals and spending through Uphold, an established and regulated money platform, VCOIN relies on a partner already set up to handle compliance, identity checks and card issuing.

How widely users adopt the card will be watched closely by other platforms considering whether to let virtual currencies flow out into the real economy.

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Blockchain

ENGLISH PREMIER LEAGUE’S WOLVES ENTER ROCKET LEAGUE CHAMPIONSHIP SERIES

Published

6 years ago

on

November 5, 2020

By

English Premier League football club Wolverhampton Wanderers (Wolves) has entered the Rocket League Championship Series (RLCS). 

Wolves already fields rosters in FIFA 21, FIFA Online 4, PUBG, Identity V, and Pop Kart Racing, and is the first Premier League club to enter the RLCS. 

Discussing the news Wolves General Manager for Marketing and Commercial Growth, Russell Jones, said:

“Gaming and esports remain a crucial part of our brand growth strategy and signing such talented and ambitious players to represent our Rocket League esports team is another step forward in our journey to build stories outside of football and widen the appeal of the Wolves brand across the world.

“We have spent the last six months scouting teams and players and are delighted to welcome Rix, Luis and Ole, who will become Wolves Esports for the remainder of the current RLCS season X and beyond. We will be offering the team our full support as they compete in the winter split.

“I’d also like to thank the University of Wolverhampton who continue to be an exceptionally supportive partner of the Wolves Esports programme.”

 

While Team Captain of Wolves Esports Rocket League, Rix Ronday, added:

“It is a real honour to captain the first-ever Wolves Esports Rocket League team. I’m confident that we have recruited two of Rocket League’s most exciting talents in Ole and Luis and we are working hard behind the scenes to prepare for the RLCSX Winter Split kick-off.”

 

AYO.NEWS says:

Wolves have already demonstrated their enthusiasm for esports, using it to strengthen what is now a powerful global brand – for example, way back in February 2019, it became the first Premier League club to enter Chinese esports, through a partnership with Weibo eSports Club.

And, given the very real possibility of COVID-19 causing further disruption to football, diversifying the brand into multiple esports seems like a smart way to ensure fan engagement can continue, come what may.

 

 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 
All original content featured on this site is © Pentagon Digital Limited, 2020.
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Blockchain

FIFA 21 CHALLENGE IS MOST WATCHED EA ESPORTS EVENT YET

Published

6 years ago

on

November 4, 2020

By

The EA SPORTS™ FIFA 21 Challenge has smashed the viewership record, with an Average Minute Audience of over 250K. 

A one-day esports tournament that paired top global professional footballers with the world’s best FIFA players, the EA SPORTS™ FIFA 21 Challenge drew an average minute audience (AMA) of 254,057 with a total watch time of 1,024,696 hours, making the event the most-watched EA operated esports broadcast in history. 

In fact, the broadcast more than doubled the viewership metric set by the next most-watched EA operated FIFA event, the FIFA Global Series FUT Champions Cup: Barcelona, which took place over multiple days in January 2018 and registered an AMA of 92,678.

During the competition, four esports players paired with four professional footballers from international clubs Liverpool, West Ham United, Inter Milan, and Borussia Dortmund, clashed on October 29 for the EA SPORTS FIFA 21 Challenge. 

Liverpool’s Trent Alexander-Arnold and Fnatic’s Tekkz took home the trophy and won $20,000 on behalf of their selected charities

In addition to incorporating celebrity participation to reach non-traditional gaming audiences, the EA SPORTS FIFA 21 Challenge was the first event to utilize FIFA Global Series Viewership Rewards, creating an interactive broadcast for viewers with in-game benefits for watching to further drive engagement and subsequent play time.

Reflecting on the event EA SPORTS FIFA Commissioner, Brent Koning, said:

“EA SPORTS FIFA is woven into the fabric of football culture. Bringing professional footballers and our esports pros together creates entertainment that sets our tournaments apart.

“The success of the FIFA 21 Challenge reinforces our strategy and vision for broadening the esports audience, creating content for our fans, and underscores the value of entertainment-driven events that branch outside of traditional esports.”

 

The FIFA 21 Challenge was a part of a series of EA SPORTS FIFA 21 Global Series pre-season invitationals, featuring notable influencers, footballers, and FIFA pros, in partnership with the interactive entertainment world’s biggest video streaming and content platforms.

It’s a nod to EA’s renewed competitive gaming strategy, which leverages the convergence of traditional sports, competitive gaming, and pop culture to create new, engaging, and accessible broadcasts for diverse audiences.

 

AYO.NEWS says:

Viewership figures like this illustrate just how integrated esports, especially FIFA, is becoming in mainstream football culture, and the growth looks set to continue, and reflects well on EA’s competitive gaming strategy. Last month, EA announced improvements and a bigger prize pool for the upcoming esports season. 

 

 

 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates.
All original content featured on this site is © Pentagon Digital Limited, 2020.
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