German Bank Launches Specialized Services for Cryptocurrency Firms

Jul 9, 2018 at 04:18 Update Date :Jul 9, 2018 at 04:18 UTC

solarisBank, the German Banking-as-a-Platform (BAAP) institution, recently unveiled their new plan for banking services. This new launch, named ‘The Blockchain Factory’, is dedicated to companies dealing in blockchain technology and operating in the digital currency space.

The last few years have seen the cryptocurrencies burgeoning in terms of popularity but brokers and exchange providers dealing in digital currencies have faced a tough time in finding banking providers to partner with. Traditional banks and other financial management institutions have shied away from partnerships with the digital currency space and cryptocurrency firms have had little choice but to close their business accounts with these organizations.

The key barrier in terms of a partnership with a credible and dependable banking partner has been the lack of understanding of the cryptocurrency and blockchain technology on the part of traditional banks and the resultant communication gap that has forced the digital currency platforms to look for suitable alternatives. This is the very gap that the Berlin-based solarisBank is hoping to bridge with its brand new offering.

‘The Blockchain Factory’ will be used by the German institution to offer banking services to cryptocurrency firms, especially in opening business accounts to coordinate their transactions. The ‘Blockchain Company Account’ is one of the front-line examples of their new offerings as a part of the fresh launch.

Moreover, services specialised to serve global cryptocurrency marketplaces will become available to make it easier to transact in fiat currencies. One such service would be the solarisBank ‘Automated Trust Account’, the automated escrow account aimed at servicing the digital currency market.

This new offering from the German group will enable cryptocurrency firms to find a reliable, credible and licensed banking partner that knows and understands the technology that is being dealt with. Companies that deal directly or indirectly with the cryptocurrencies and blockchain technology in transacting their businesses, will benefit from this launch in terms of the banking services that will be on offer. One example of the front-line services on the cards is the ‘Blockchain Company Account’ to introduce ease in the banking business for these cryptocurrency firms.

With regard to the new launch, Roland Folz, the CEO of solarisBank, stated, “There is a 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. “Indeed, solarisBank appears suitably poised to clinch the spot that has been left empty all this while for the lack of an appropriate company that blends financial management with technological know-how. The CTO of solarisBank, Grosskopf, believes that a hybrid future lies ahead and it is clear that the group is out to carve out a niche for itself in that future.

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