Blockchain and cryptocurrency firms long used to being shunned by traditional financial institutions in the European Union can now breathe a sigh of relief.
Berlin, Germany-based solarisBank has received the licenses necessary to offer business banking accounts to Blockchain and cryptocurrency firms operating in the European Economic Area. Companies in the space can consequently open a ‘Blockchain Company Account’ using fiat currencies.Filling a Gap in the Market
The new service follows the unveiling of the solarisBank Blockchain Factory which is aimed at providing a regulatory and technological bridge between the blockchain technology sector and the banking field.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
Another solarisBank product known as Automated Trust Account, which is basically an automated cryptocurrency marketplace escrow account, has also been introduced. The business account will ease the buying and selling of fiat currencies on global cryptocurrency exchanges or marketplaces.
Already, solarisBank has partnered with vPE Bank to allow trading of cryptocurrencies at the institutional level. More services are also in the pipeline and this includes offering digital banking as well as debit cards to blockchain firms.More Value for Clients
According to the chief technological officer of solarisBank, Peter Grosskopf, this will enhance security and convenience, especially when linked with wallets and marketplaces.
“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 thei...