Germany offers special accounts to crypto firms

Solarisbank, the Berlin-based BaaP institution has just announced the intention to launch a new banking service that will serve clients from the crypto and blockchain industry.

The soon-to-be-launched resource known as ‘Blockchain Factor’ will provide tailored financial management services to businesses that are directly, or indirectly dealing with cryptocurrency and blockchain related services.

The struggle to build banking relationships

Over the last couple of years, cryptocurrencies and related services have increased significantly in popularity yet many still struggle to build relationships with their banking providers. In some cases, many banks and other financial institutions have closed business accounts of companies such as exchanges and brokerages leaving these businesses stranded. But now, the German fintech company Solarisbank is planning to offer a solid banking solution complete with an account manager who fully understands the technology.

“The Blockchain Factory will be used by Solarisbank to offer banking services to companies whose business is directly or indirectly based on cryptocurrencies and blockchain technology — One example of these services is the ‘Blockchain Company Account’ for the banking business of blockchain companies,” Solarisbank explains.

“Furthermore, services for global cryptocurrency marketplaces will be made available to make it easier to buy and sell fiat currencies; such as the Solarisbank ‘Automated Trust Account’, an automated escrow account for cryptocurrency market places.” 

Since the bank’s inception back in 2016, they have done well to carve out a solid reputation in the fintech marketplace. After entering into a strategic partnership with MasterCard, they raised over $70 million in a Series B fundraising round with contributions from firms such as SBI Group, Visa, BBVA, Lakestar, and ABN Amro.

“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 license, we are the natural partner,” Roland Folz, the CEO of Solarisbank said.

Establishing partnerships

The fintech bank has plans to establish partnerships with crypto companies that have banking and debit card requirements.

CTO of Sloraisbank, Peter Grosskopf explains: “The fiat world is not about to dissolve. We are moving towards a hybrid future, in which the blockchain world still has to prove itself.”

In June 2018, Binance announced that they had been able to successfully open a bank account in Malta, although the name of the bank has been kept strictly under wraps. Whether the Germans will lead by example and pave the way for not just crypto-friendly banking but fully fledged crypto departments within financial institutions remains to be seen.

 

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