by Joseph Young
Leading European bitcoin payment services provider Bitwala has partnered with bitcoin hardware wallet manufacturer Trezor to enable users to pay bills or settle bitcoin-to-PayPal transactions using the Trezor web wallet.
The integration of Trezor bitcoin payment infrastructure allows users to make payments using the myTREZOR web wallet simply by entering the PIN number of the connected hardware wallet directly from the Bitwala platform.
“The fusion of Bitwala and Trezor is the perfect combination to handle your utilities and payments. You have the security of a Trezor and the speed and the low costs of a Bitwala transfer. The fee is the lowest on the market and our the best exchange rate is state of the art. We transfer money to your bank account within one business day and are there fore also the fastest Bitcoin banking service,” announced Joerg Minckwitz of Bitwala.
SatoshiLabs, creator of Trezor, launched the beta version of myTREZOR on October 23, enabling all Trezor hardware wallet users to transact online using a simple and secure web-based platform.
The myTREZOR web wallet connects users to the popular cloud-based storage system Dropbox, allowing users to access real-time synchronized access to labels and comments from any connected computers or devices.
“All user-added information is fully encrypted by a key derived from TREZOR device before being uploaded to the Dropbox folder, effectively preventing data leaks or misuse,” wrote SatoshiLabs.
Bitwala users can also use myTREZOR web wallet to send bitcoin from their bitcoin hardware wallet to international PayPal accounts for only 0.5% transaction fee. The Bitwala platform does not charge exchange or conversion fees usually charged by PayPal for currency exchange.
“We are able to top up PayPal accounts in any currencies, but please be aware that we only guarantee the price denominated in Euro. We don’t take over any exchange fees that might be charged by PayPal for the currency exchange,” said Bitwala.
Usually, PayPal charges a transaction fee of around 3~4% and a conversion fee of 4.5%, thus collecting over 8% of users’ transactions in fees.
“If your transaction requires a currency conversion, we will use a retail exchange rate (the wholesale cost of foreign currency as denominated by an outside financial institution) plus a conversion service charge of 4.5%,” reads a section from PayPal terms and conditions.
Through its partnership with Trezor, Bitwala aims to enable international transactions with much lower costs for both transaction and currency conversion services.