While many of the world’s countries have made their peace with the fact that cryptos are here to stay, the countries from Europe have not had a chance to do so until now. The new development regarding the Germany-based bank called solarisBank has seen the new offer to Europe’s and Germany crypto businesses. The offer includes the creation of special accounts for crypto firms from the European Economic Area, and are called Blockchain Company Accounts.
Germany’s solarisBank has recognized the growing need for various crypto-businesses to find a way to properly conduct their work and has brought them a new offer. The offer includes a new service that the bank has taken to calling its ‘Blockchain Factory’. Its goal is to bridge the gap between the banking field and a growing sector that includes the blockchain technology.
We're truly excited to launch our own @solarisBank Blockchain Factory today to become the #banking partner for the #cryptocurrency and #blockchain industry. Read more about this strategic step in our official press release:https://t.co/EG2qiqopZG
— solarisBank (@solarisBank) June 28, 2018
As part of the offer, the bank also introduced a new escrow account for the automated crypto marketplace, called Automate Trust Account. This way, Germany crypto businesses, as well as those from other countries belonging to the EU, will find selling and buy fiat currencies a much easier thing to do in the crypto market.
The new development came as quite a refreshing change to the way that the banks and financial institutions used to treat cryptos. In a lot of cases in the past, these institutions went as far as to completely cease all partnerships with firms that dared to go crypto. They closed the accounts belonging to such companies and made it almost impossible for them to find a reliable banking partner.
Thanks to solarisBank, however, it would seem that this situation is about to change, and the bank has already partnered with vPE Bank to allow institutional trading of cryptos. This is not the end of its efforts, though, and the bank is planning a lot more partnerships that would prove beneficial to all the participants.
Bank Changes Germany Crypto Rules
solarisBank’s CTO, Peter Grosskopf has commented on the new development and stated that both the convenience and security of crypto businesses will be improved by this move. Not to mention the security of those businesses that are linked with crypto wallets and different marketplaces.
According to Grosskopf, there is no need for the banks to fear the crypto trend. The world of fiat currencies is not about to dissolve. Rather than that, he hopes to see a hybrid future, where crypto and fiat currencies can find a way to coexist.
According to him, the move was made due to a high demand for licensed partners that is constantly coming from the blockchain world. Roland Folz, the bank’s CEO, has stated that the regulatory bridge to traditional banking has grown into quite a large necessity, and solarisBank sees itself as the emerging technology’s natural partner.
As for the Blockchain Factory, the bank stated that it will be able to offer banking services to all the companies that have their businesses based on blockchain technology and cryptocurrency. This goes for the firms that are both, directly, and indirectly involved in these technologies. One of these services is the bank’s new Blockchain Company Account, which will provide services to blockchain-based firms.
The next logical step for the bank, according to Grosskopf’s blog post, would be to connect debit card solutions and digital banking to crypto wallets and exchange. That way, possessing money in form of cryptocurrencies will become much more secure, not to mention the convenience of it.
Germany Crypto Solution is Not the First in Europe
Without a doubt, solarisBank’s decision to offer crypto accounts to crypto-using companies will be a big game-changer for Europe’s crypto users. However, the bank is still not the first one to offer such contracts to these clients.
Bank Frick, based in Liechtenstein, has done so a while ago, and even Switzerland’s Hypothekarbank Lenzburg decided to do the same just recently.
— Richard J. Witismann (@Incorporate_ee) June 25, 2018
Switzerland has always been pretty open-minded when it comes to the world of cryptos and blockchain, but they still hesitated for a long time before making their offers to crypto startups. Because of that, these firms had to go to Liechtenstein. However, Hypothekarbank Lenzburg decided to take the leap of faith, and to finally make the move that will bring these clients back to Switzerland. Now, Germany is doing the same. Obviously, Europe is starting to open up to cryptos, and it is only a matter of time before others decide to do the same.