Blockchain & AI
EXCLUSIVE: BEN JONES, CTO & CO-FOUNDER OF BITWALA TALKS BANKING IN THE CRYPTO AGE
Blockchain & AI
EXCLUSIVE: BEN JONES, CTO & CO-FOUNDER OF BITWALA TALKS BANKING IN THE CRYPTO AGE
Photo courtesy of Bitwala
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.
With several years experience in the igaming and sports betting industries in Malta under his belt, over the last few years Oliver has developed a passion for blockchain and an interest in esports. He’s also a published novelist and has a background in art and photography.
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