Berlin-based SolarisBank has announced the launch of a new crypto banking service focused on clients from the blockchain and digital currency industry.
The Blockchain Factory, as the service is to be called, is set to offer companies who deal with cryptocurrency and blockchain solutions a dedicated financial management package.
Issues with institutional banks
The official press release stated that “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.”
“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 marketplaces.”
Many companies, such as exchanges and brokerage services, have had issues with institutional banking providers in the past, with some having ceased their partnerships with crypto companies.
However, SolarisBank, a Fintech company which holds a German banking license has recently announced that it will be extending its range of services aimed at companies with links to the cryptocurrency industry.
The new crypto banking service will see clients being able to create their own “retail banking experience,” which will “provide financial management services to digital asset operators,”and will also “reduce the risk to end-customers and make the cryptocurrency transaction more secure.”
SolarisBank CTO Peter Grosskopf commented that the next stage of the program would be to connect their digital banking and debit card solution with cryptocurrency exchanges and wallets, helping to “bridge the gap” between both worlds.
He also said that while many banks are claiming that they are exploring ways to incorporate blockchain into their processes, “these are defensive measures, as most banks have created or joined closed blockchain consortiums.”
“While we at solarisBank are still part of the traditional paradigm, since we have a German banking license and are regulated by BaFin, we are still a tech company at our core. That means we are actively exploring options to help shape and support the emerging decentralized paradigm by enabling the pioneers that are building it,” commented Grosskopf, who is personally leading the Blockchain Factory service.
This isn’t Solarisbank’s first foray into the crypto banking world, however, as they partnered with VPE in April to provide facilities for institutional investors such as hedge and pension funds to trade cryptocurrencies.
The partnership sees SolarisBank offer a custodian service that delivers stringent financial controls and secure storage of funds.