It is no doubt that the cryptocurrency sector has been growing at a tremendous pace over the last couple of years. In spite of this, companies that offer services to this sector such as, brokerage firms or even crypto exchanges have found it difficult to find a reliable banking partner.
The cryptocurrency service providers can now breathe a sigh of relief. A fintech firm based in Germany, Solaris Bank has introduced a new banking service platform that is meant for the cryptocurrency and the blockchain customers.
In a bid to tap this ignored market, the bank that offers Banking-as-a-Platform services has developed what it is referring to as Blockchain Factory. This will work as a technological solution that will bridge the large gap that has been witnessed in the banking industry and the world of the blockchain.
The relationship between the two sectors has been a sour one for a long time. Some banks have blatantly refused to offer any services to the cryptocurrency services providers. Other financial institutions had been offering services, however, they just suddenly decided to close bank accounts of digital currency firms.
Solaris’ Blockchain Factory will help rebuild the sour relationship. The new feature will offer financial management services to businesses that are in one way or another, associated with the digital currency or the blockchain technology.
The bank stated that the Blockchain Factory will be used by Solaris Bank to offer banking services to companies whose business is directly or indirectly based on cryptocurrencies and blockchain technology.
Retail banking experience
Those in the crypto businesses or in the blockchain technology firms will now be in a position to develop their own retail banking experience. The bank stated that the system will enable more secure digital currency transactions.
Solaris Bank has also introduced a Blockchain Company Account. This is a banking service meant for cryptocurrency companies where they can use the fiat currency.
The bank has joined hands with vPE bank in a bid to allow institutional firms to trade digital currencies. Solaris Bank also intends to offer digital banking services and debit cards to the blockchain firms. This means that crypto wallets will be integrated with bank accounts.