Germany’s solarisBank aims to become cryptocurrency choice
Germany’s solarisBank has launched a so-called ‘blockchain company account’, to meet the banking needs of companies in the European Economic Area (EEA), whose business is directly or indirectly based on cryptocurrencies and blockchain technology.
Berlin-based solarisBank, which launched in March 2016 as a digital-only banking-as-a-service (BaaS) start-up, says that the banking needs of these companies are still not met by most German banks.
Bridging two worlds
Blockchain factory “forms the technological and regulatory bridge between the worlds of banking and blockchain,” according to a press release issued by the bank
Chief executive Roland Folz told Cointelegraph auf Deutsch: “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 licence we are the natural partner.”
Philipp Blankenagel, the bank’s head of communications, added that it was “a chance to work with innovative companies on the future of the finance industry. We believe in the future of blockchain technology and the future of companies that rely on this technology.
“At the same time, as a bank licenced company, we place great value on legal and regulatory permissibility and scrutinise possible partnerships.”
The new services being launched include a ‘blockchain company account’ for the banking needs of blockchain companies, and an automated escrow account for people buying and selling fiat currencies in cryptocurrency marketplaces.
The German bank has already won its first deal with asset manager vPE Bank, to enable institutional trading of cryptocurrencies. solarisBank said further services, combining debit cards and cryptocurrency wallets, are currently in progress with other corporate clients.
“It has always been the role of banks to safeguard customer assets in a trustworthy manner,” says Peter Grosskopf, chief technology officer (CTO) solarisBank. “Even in an age of decentralisation driven by blockchain technology, banks still need to take on this role. We provide the infrastructure which connects traditional banking with modern, digital services.”