Cryptocurrency firms from across the globe are fighting a long-time battle with traditional banking institutions to let their customers link their accounts with the firm’s services. Several banking institutions in the European Union have shunned their partnerships with crypto and blockchain firms making it difficult for them to provide their services to their customers.
In what comes as a major relief for crypto businesses in EU, a Berlin-based bank, solarisBank announced that they will be offering a new banking platform for businesses in the European Union dealing in the Cryptocurrency Market.
The bank has named this new platform as the Blockchain Factory. This platform is meant to bridge the gap between the banking and cryptocurrency world. This will allow the users of cryptocurrency to easily manage their business and operations.
These Blockchain Factory Accounts are meant specifically for those companies whose businesses directly or indirectly involve the use of blockchain and trading in cryptocurrencies. In the recent past, a lot of banks in the European Union have ended their programs towards cryptocurrency. This is because of issues with the firms or higher regulations. In such a situation, solarisBank’s platform comes as a relief for a lot of businesses.
In the official press release, solarisBank explains:
“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. “
CTO of solarisBank, Peter Grosskopf, says
“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.”
However, he does recognize the disruptive power of the blockchain and cryptocurrency business models. He explains that the bank wants to play a role in shaping the future of this industry and states that even in this changing world and the shift towards blockchain and cryptocurrency technology, banks have to safeguard customer assets in a trustworthy manner.