SolarisBank, which has a German banking license and is regulated by BaFin, is offering banking solutions to cryptocurrency and blockchain companies via its newly created Blockchain Factory. It is usually very difficult for crypto companies to obtain a steady bank account anywhere in the world, so SolarisBank’s Blockchain Factory has the potential to provide relief and stability for German crypto firms.
Chief technology officer at SolarisBank, Peter Grosskopf, says, “While we at SolarisBank are 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.”
CEO of SolarisBank, Roland Folz, recognizes the need for a bank that supports blockchain and crypto. He 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 license, we are the natural partner.”
The Blockchain Factory webpage states that it is looking into launching a cryptocurrency custodial service, much like the services Coinbase and Xapo already offer. Cryptocurrency expert Kyle Samani thinks proper cryptocurrency custodianship is the final barrier holding back a massive wave of institutional investment into cryptocurrency. Indeed, when Coinbase launched its custodian service in July 2018, it coincided with a significant Bitcoin price rally.
SolarisBank will offer blockchain company accounts which will enable crypto companies to use fiat, in addition to automated trust accounts that exchanges and marketplaces can use to safely store customer funds. Also, SolarisBank will enable crypto companies to issue debit cards to customers. This will facilitate the easy conversion of cryptocurrency to fiat for customers, which has the potential to increase worldwide crypto adoption. SolarisBank is in a strategic partnership with MasterCard and has also received funding from Visa; these connections will be useful for issuing crypto debit cards.
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