Special Account For Crypto Businesses By A German Bank

Solarisbank has launched a new banking service that will target blockchain and digital currency users. The Banking-as-a-Platform (BaaP) center has named the new feature the ‘Blockchain Factory.’ The Berlin-based institute will provide financial management services to businesses that employ Cryptocurrency solutions and blockchain.

Cryptocurrency And Blockchain Firms To Now Have Special Accounts

Although Cryptocurrencies have experienced rapid growth in recent years, exchanges and brokerage services firms have had to deal with issues with banking service providers. Blockchain businesses have experienced difficulties in getting reliable banking partners given that many financial institutions are cutting ties with them. Most blockchain enthusiasts blame the stalemate on lack of understanding of blockchain technology on the part of these banking companies. Solarisbank has emerged as a savior to blockchain companies as it promises to address the information gap evident with most of these traditional financial institutions.

Solarisbank has said that it will use Blockchain Factory to provide banking services to businesses that deal directly or indirectly with the Cryptos and blockchain technology. The company has given an example of the ‘Blockchain Company Account’ as one of their products that will provide banking services to blockchain businesses.

Solarisbank is also planning to reach the global Cryptocurrency market. For instance, the bank has introduced ‘Automated Trust Account,’ which is an automated escrow account designed for businesses dealing with Cryptocurrencies. The bank is determined to make it possible for businesses around the world to easily trade Cryptocurrencies with fiat currencies. The move by Solarisbank is expected to enhance the use of the virtual currencies.

The Search For A Licensed Banking Partner

It’s no secret that the growth and use of Cryptocurrencies has experienced major blows in the hands of the traditional banks. Many exchanges have been forced to relocate after the business environment in their home areas become tough. The Crypto world has been looking for a licensed partner that will help in bridging regulatory and technological gap present in the current banks. Solarisbank CEO Roland Folz says they are a natural partner with the blockchain world.

Solarisbank was established in March 2016. In October the same year, the bank formed a strategic partnership with Mastercard with the aim of developing new banking modules. In March this year, the Germany-based bank mobilized $70Mn USD, in a funding round that saw the participation of companies like Lakestar, SBI Group, BBVA, ABN Amro and, Visa.

The New Plans Ahead

Solarisbank is determined to enhance the use of Cryptocurrencies by making it easy for businesses to exchange them with fiat currencies. The financial tech firm has partnered with VPE Bank to introduce the virtual currencies to institutional traders. The company is also planning to enter into more partnerships with Cryptocurrency businesses that use banking and debit cards.

Peter Grosskopf, the company’s CTO says that Cryptocurrencies will not dissolve the fiat world. However, he notes that the world is quickly moving towards a hybrid future and the blockchain sector has a lot to do to achieve this dream. Solarisbank has emerged with the promise of enhancing this disruptive power and assist in shaping the future of the blockchain and Cryptocurrency industry.