Cryptocurrency firms from across the globe are fighting a long-time battle with traditional banking institutions to let their customers link their accounts with the firm’s services. Several banking institutions in the European Union have shunned their partnerships with crypto and blockchain firms making it difficult for them to provide their services to their customers.
In what comes as a major relief for crypto businesses in EU, a Berlin-based Banking-as-a-Platform (BaaP) institution solarisBank has recently received a license to provide business banking accounts to crypto and blockchain firms. This new banking service called ‘Blockchain Factory’ will provide financial management services to all the companies which are directly or indirectly associated with crypto or blockchain-related activities.
We're truly excited to launch our own @solarisBank Blockchain Factory today to become the #banking partner for the #cryptocurrency and #blockchain industry. Read more about this strategic step in our official press release:https://t.co/EG2qiqopZG
— solarisBank (@solarisBank) June 28, 2018
In the official press release, solarisBank explains:
“The Blockchain Factory will be used by solarisBank to offer banking services to companies whose business is directly or indirectly based on cryptocurrencies and blockchain technology — One example of these services is the ‘Blockchain Company Account’ for the banking business of blockchain companies.”
“Furthermore, services for global cryptocurrency marketplaces will be made available to make it easier to buy and sell fiat currencies; such as the Solarisbank ‘Automated Trust Account’, an automated escrow account for cryptocurrency marketplaces. “
In order to allow trading at the institutional level, solariBank has partnered with vPE Bank with more services in the pipeline like providing digital banking and debit-card service to blockchain firms. Peter Grosskopf, the chief technological officer of the solarisBank, stated that this move will help in improving security and convenience while linking the bank services with wallets and marketplaces. In the official blog post, Grosskopf writes:
“The next logical step is to connect our digital banking and debit cards solution with exchanges and wallets, so partners can create their own crypto retail banking experience. These accounts significantly reduce the risk to their end-customers and make the trading and possession of cryptocurrencies not only more convenient but also more secure.”
He further talks of the blend between the fiat and crypto world saying:
“The fiat world is not about to dissolve. We are moving towards a hybrid future, in which the blockchain world still has to prove itself. However, we see the disruptive power of these business models and we want to help shape the future of this industry.”
Ever since its inception two years back in March 2016, solarisBank has been constantly climbing up the ladder. The company is said to have formed a partnership with Mastercard for building new banking modules. While commenting on this latest development, Roland Folz, the CEO of the solarisBank said:
“There is high demand from the blockchain world for a licensed partner that forms the technological and regulatory bridge to traditional banking — as a technology company with a banking license, we are the natural partner.”
We wish more banking institutions across the globe would follow this model adopted by solarisBank creating a healthy growth of the fiat and crypto economies simultaneously.