Blockchain Company Account Offered By Germany’s SolarisBank

Blockchain, News | June 29, 2018 By:

Germany-based Banking-as-a-Service (BaaS) platform SolarisBank has launched a new banking service aimed at crypto and blockchain companies from the European Economic Area (EEA).

SolarisBank offers a completely digital banking platform to which other businesses can connect in order to offer financial services themselves. It was founded in March 2016, after receiving a full banking license from the German regulator within just nine months. The German license allows the company to serve business partners in nearly any European country.

Called Blockchain Factory, the new banking service will offer a so-called “blockchain company account,” which can only be opened in fiat currencies. These accounts are intended for the banking needs of blockchain companies, which are still not met by most German banks. The new service will also offer an automated escrow account for people buying and selling fiat currencies in cryptocurrency marketplaces.

The bank said crypto and blockchain companies can use these services to link their existing products such as exchanges and wallets with digital bank accounts and cards and create a crypto retail banking experience under their own brand for their own end-customers.

“For more than two years, SolarisBank has made contextual banking possible – modern financial services are integrated via interfaces (APIs) in the existing range of services for companies and made available to customers whenever and wherever they are needed. Services offered by the ‘SolarisBank Blockchain Factory’ in the field of blockchain and cryptocurrency are the next strategic step”, said Roland Folz, CEO of SolarisBank. “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 already secured its first deal with vPE Bank, to enable institutional trading of cryptocurrencies. Other services in the field of digital banking and debit cards for blockchain companies are currently being integrated by other corporate customers.

“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, said Peter Grosskopf, CTO of solarisBank, who will manage the Blockchain Factory. “However, we see the disruptive power of these business models and we want to help shape the future of this industry. It has always been the role of banks to safeguard customer assets in a trustworthy manner. Even in an age of decentralization driven by blockchain technology, banks still need to take on this role. We provide the infrastructure which connects traditional banking with modern, digital services.”