A German bank has recently received the necessary permits to offer banking accounts to cryptocurrency and blockchain-related companies within the European Economic Area (EEA). Although it is not the first time a financial institution within the EEA has offered corporate accounts to blockchain firms, this still marks a significant milestone.
The bank in question is the Berlin-based ”solarisBank”, and it will now provide companies with the option to create a ”Blockchain Company Account” for their banking business. Moreover, this new offering comes as part of the most recent product release from solarisBank.
Dubbed ”solarisBank Blockchain Factory”, the service aims to supply a technological and regulatory bridge between the banking field and the blockchain sector.
Financial institutions have historically been somewhat hesitant in working with blockchain-related ventures. If solarisBank is successful in its attempt to link these two sectors, this might become a thing of the past.
In addition to this, solarisBank has already begun its efforts by cooperating with vPE Bank, in order to enable the institutional trading of different cryptocurrencies. This, however, would only seem to be the tip of the iceberg, as solarisBank reportedly has a myriad of other upcoming banking services in the pipeline.
More specifically, solarisBank is said to be eyeing the possibility of supplying debit cards as well as digital banking services to blockchain firms.
The CTO at solarisBank, Peter Grosskopf, has stated that the launch of the Blockchain Factory will serve to improve both convenience and security, particularly with regards to cryptocurrency wallets and marketplaces. It will also reportedly ”significantly reduce the risk” to end-customers.
SolarisBank mainly describes itself as a ”tech firm with a banking license”. Notably, solarisBank also touts the fact that at its inception in March of 2016, it was one of the first fintech companies with a full banking license.
It should be noted, however, that solarisBank is the first financial institution with the EEA to offer this type of account to blockchain-related firms. In Liechtenstein, the ”Bank Frick” has previously dealt with companies within the cryptocurrency industry, as well as the Swiss Hypothekarbank Lenzburg.
Nonetheless, the addition of another financial institution working more closely with the cryptocurrency sector is overwhelmingly good news, as it could potentially give startups access to more capital and crucial banking services.
It remains to be seen whether other banks will follow solarisBank’s example and also begin to offer ”corporate blockchain accounts”, although it will nonetheless be interesting to keep an eye on future announcements by solarisBank.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.