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Report

Teaser, summary, work performed and final results

Periodic Reporting for period 1 - Bitwala (Next generation banking tools for the blockchain economy)

Teaser

Summary

In December 2018 Bitwala launched a worldwide unique crypto banking platform. For the first time, a fully licensed bank account was merged with a virtual currency and offered customers a safe and regulated entry into the blockchain economy. Blockchain-based businesses see their innovations stifled by a sluggish traditional banking sector that is systematically discriminating against blockchain-based businesses, due to a lack of know-how regarding the technology and therefore have difficulties with risk assessments. Bitwala built a retail product and is expanding to a business banking solution capable of providing the necessary banking services to an underbanked sector with a huge potential for growth, acting as a catalysator for innovation.

Work performed

Wich the Horizon 2020 Phase 1 grant Bitwala was able to perform a comprehensive study the current customer\'s demands, analysing the potential market size, develop and verify personas to efficiently segment the market, develop a feasible product development roadmap, addressing the most pressing issues from our customers and validate our intellectual property protection strategy.
While Bitcoin was launched over 10 years ago Bitwala is still the only operational banking provider merging traditional and digital assets in one regulated platform.
Bitwala was able to outperform on all the quantifiable KPIs and already fulfilling some planned for Phase 2. Instead of 500 end-to-end customers, Bitwala overachieved by acquiring over 12k of end-to-end users, instead of 50 business beta testers in Phase 2 Bitwala already enlisted over 80 businesses in Phase 1 and additionally received multiple signed letters of intent to use our B2B services after we deploy.

Final results

Overall we managed to prove the market demand for our current and future products. We managed to segment our market meaningfully and create valuable insights for future developments. Our product roadmap is technically feasible and is based on market research making it economically viable. We validated our IPR strategy and still offer a unique solution and true financial innovation. We managed to prove our new business model over the last 8 months and are looking forward to a continued joined effort in pushing the innovative power of Blockchain technology inside the European Union forward.