Exploring the Future of Web 3.0 with the Re-Launch of Bitwala

Bitwala Relaunches Under Original Name

Bitwala, formerly known as Nuri, is back in business after its operations ceased and customer funds were returned last year. The European cryptocurrency banking platform is relaunching with the support of banking infrastructure company Striga, as the firms announced to Cointelegraph on Nov. 8.

In partnership with Striga, Bitwala is being provided with “Banking and Crypto-as-a-Service”, enabling the crypto banking app to draw on its trading and card-issuing functionality, according to Bitwala CEO Dennis Daiber.

Previously rebranded as Nuri in 2021, Bitwala filed for insolvency in August 2022 due to liquidity issues stemming from the Terra crash. By October 2022, the firm had shut down operations and asked its 500,000 users to withdraw their assets before the year-end deadline.

The Return of Bitwala and the History of Web 1.0, 2.0, and 3.0

“We wanted to build a bank. We had all the documents, audits, applications and approvals — the only thing missing was 50 million euros for liquidity coverage ratio and runway,” Daiber told Cointelegraph. He added:

According to the announcement, the Striga partnership solved one of the key challenges that Bitwala was facing by providing compliant digital assets and banking infrastructure out of the box “without the need to handle any regulatory burden.” Founded in 2018, Striga provides financial services infrastructure for companies in crypto and banking. The firm is incorporated in Estonia and is a fully-owned subsidiary of Lastbit, which is incorporated in Delaware, the United States.

The Bitwala app is immediately accessible in 29 countries within the European Economic Area, allowing users to buy and sell Bitcoin (BTC) and Ether (ETH) with the euro using Single Euro Payment Area transfers, the announcement notes. Future plans for the platform include integrating the Lightning Network and introducing a crypto-backed Visa debit card, all of which are being developed in collaboration with Striga.

The return of Bitwala marks a major milestone in the history of the firm, which has faced many challenges since it was founded in Germany in 2015. The firm is known for partnering with now-bankrupt crypto lender Celsius to offer annual interest on Bitcoin in 2020.

How to Invest in Web 3.0

Web 3.0 is the future of the internet, and many people are eager to invest in it. But how can one do that? There are several key components to consider when investing in Web 3.0, such as the key features, the metaverse, and the history of Web 1.0, 2.0, and 3.0. To build a Web 3.0 website, one must understand the key features of the platform, such as decentralization, machine-to-machine communication, and blockchain technology. It is also important to understand the history of Web 1.0, 2.0, and 3.0, as this will help inform one’s decisions when investing in Web 3.0.

The metaverse is a virtual world that is part of the Web 3.0 infrastructure. It is a shared virtual space where users can interact with each other. This is an important aspect of Web 3.0, and one should consider investing in it if they want to get involved in the Web 3.0 space. Finally, it is important to understand the different ways one can invest in Web 3.0, such as through venture capital, angel investing, or ICOs.

The History and Future of Web 3.0

Jan Goslicki and Daiber, the CEO of Bitwala, have been part of the founding team since 2011. Daiber stated that Bitwala is committed to Bitcoin’s mission and vision, and is a “crypto-first, Bitcoin-minimalistic” believer. The relaunched product is focused on the self-custodial Wallet, which provides 100% secure storage for users’ crypto. To enable everyday usage of Bitcoin, Bitwala is introducing both on- and off-ramp services, as well as a Visa card that will be launched this week.

The history of Web 3.0, and its future, has been a topic of much debate. Web 3.0 is a term used to describe the next generation of web technology, and it includes key features such as decentralization, blockchain technology, and the Metaverse. Investors can look into Web 3.0 and explore how to build a website, what components are key, and how to invest in this technology.