German Bank Offers Special Accounts to Cryptocurrency Firms

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This German Bank Plans to Provide Special Bank Accounts for Cryptocurrency and Blockchain Companies

Source: https://news.bitcoin.com/german-bank-offers-special-accounts-to-cryptocurrency-firms/
Posted: July 08, 2018
By: Jamie Redman


Over the past few years as cryptocurrencies have gained in popularity a few companies like exchanges and brokerage services that deal with digital currencies have had issues with their banking providers. Banks and other financial management services have ceased their partnerships with cryptocurrency firms and have closed business accounts making it very difficult for blockchain companies to establish reliable banking partners. Now the German financial tech company, Solarisbank, plans to offer a service called the ‘Blockchain Factory.’ Companies who deal with cryptocurrencies will now have a solid banking colleague who understands the technology.

“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,” Solarisbank explains.  

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.

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This became possible after Germany officially recognized bitcoin and other crypto currency as a means of payment, that is, the official status of the crypto currency. Already on the basis of this, banks could receive the relevant instructions of the government and only after this became possible such activities of banks. Without the legalization of the crypto currency, banks can not work with crypto currency.