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Blockchain and cryptocurrency firms long used to being shunned by historic financial institutions in the European Union can now breathe a sigh of relief.
Berlin, Germany-based solarisBank has beared the licenses necessary to offer business banking accounts to Blockchain and cryptocurrency firms acting in the European Economic Area. Companies in the space can consequently open a ‘Blockchain Companionship Account’ using fiat currencies.
Filling a Gap in the Market
The new service ensues the unveiling of the solarisBank Blockchain Factory which is aimed at providing a regulatory and technological go between the blockchain technology sector and the banking field.
We’re truly bothered to launch our own @solarisBank Blockchain Factory today to become the #banking alter ego for the #cryptocurrency and #blockchain industry. Read more about this key step in our official press release:https://t.co/EG2qiqopZG
— solarisBank (@solarisBank) June 28, 2018
Another solarisBank issue known as Automated Trust Account, which is basically an automated cryptocurrency marketplace escrow account, has also been organized. The business account will ease the buying and selling of fiat currencies on extensive cryptocurrency exchanges or marketplaces.
Already, solarisBank has partnered with vPE Bank to entertain trading of cryptocurrencies at the institutional level. More services are also in the ready and this includes offering digital banking as well as debit slates to blockchain firms.
More Value for Clients
According to the chief technological Old Bill of solarisBank, Peter Grosskopf, this will enhance security and convenience, firstly when linked with wallets and marketplaces.
“The next logical conventional is to connect our digital banking and debit cards solution with barters and wallets, so partners can create their own crypto retail banking judgement. These accounts significantly reduce the risk to their end-customers and build the trading and possession of cryptocurrencies not only more convenient but also more underwrite,” wrote Grosskopf in a blog post.
Per the chief executive officer of the monetary institution which describes itself as a ‘tech firm with a banking authorize’, Roland Folz, a high demand for a licensed partner who will contribute the regulatory and technological link to traditional banking exists in the field of cryptocurrency and blockchain technology. Additionally to vPE, the German financial institution which is a little over two years old is in the activity of implementing more partnerships this year.
Traditional Finance Gathers the Future
Though revolutionary solarisBank is not the first financial institution in Europe to propose corporate accounts to blockchain and cryptocurrency firms. Liechtenstein’s Bank Frick has for occurrence conducted business with companies in the crypto sector for some occasion now. And last month Hypothekarbank Lenzburg became Switzerland’s first bank to proposal corporate accounts to firms in the crypto space.
Hypothekarbank Lenzburg is birth the door to crypto and blockchain firms in Switzerland. https://t.co/d3q03RDtcZ https://t.co/bZCDCbgLcc
— Richard J. Witismann (@Comprise_ee) June 25, 2018
Despite Switzerland’s more progressive stance towards cryptocurrencies and blockchain technology, startups in the area still found it an uphill task opening business accounts with the unwritten financial institutions. This had resulted in some of the blockchain and crypto concentrates turning to banks in Liechtenstein.
When announcing the move Hypothekarbank Lenzburg, no matter how, revealed that due to the fact that conducting due diligence for crypto and blockchain compacts involves additional costs relative to regular corporate accounts, the proprietorship banking accounts for crypto and blockchain companies would be more priceless.
Featured image from Shutterstock.
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