SolarisBank aims to become the banker for the cryptocurrency industry
28 June 2018 | 6796 views | 0
Germany's solarisBank is setting up a 'Blockchain Factory' to offer banking services to companies whose business is directly or indirectly based on cryptocurrencies and blockchain technology.
The move by the digital-only banking-as-a-service startup comes as larger incumbents shy away from providing services in the unregulated cryptocurrency space.
Roland Folz, CEO of solarisBank, says: "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."
SolarisBank has cobbled together a range of services to support its programme, including a 'Blockchain Company Account' for the banking business of blockchain companies, and an automated escrow account for people buying and selling fiat currencies in cryptocurrency marketplaces.
The German bank has already secured its first deal with vPE Bank, to enable institutional trading of cryptocurrencies. Further services combining debit cards and cyrptocurrency 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, 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."