There is no question about how the Blockchain technology can enhance the overall productivity businesses. Trusting this matter, Germany’s solarisBank launches its ‘Blockchain Factory” to allow business transactions with other crypto and blockchain companies from the European Economic Area (EEA). The firm will now be “the specialized infrastructure partner of choice for companies in the cryptocurrency and blockchain industry.”
THE BLOCKCHAIN FACTORY
Addressing the launch of the Blockchain Factory, solarisBank CTO Peter GrosskoPF said: “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, we see the disruptive power of these business models and we want to help shape the future of this industry. While we at solarisBank are still 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.”
The factory will offer its exclusive services applicable to those companies whose businesses are directly or indirectly based on crypto and the blockchain. Some of these services are the blockchain Company Account for banking transactions of blockchain companies, the Automated Trust Account which has an automated escrow account for cryptocurrency marketplaces that allows them to easily buy and sell fiat currencies, and the Regulatory and Legal Platform which includes services such as monitoring of transactions and know-your-customer (KYC) procedures.
The first order of partnership has already started with vPE Bank, a security trading bank from Germany. Last April, they introduced regulated cryptocurrency trading services for institutional investors with the help of solarisBank. Other partnerships for the Blockchain Factory usually involves implementation process for digital banking and debit cards, but solarisBank already confirmed that there will be more services in the future as there are still few financial institutions in Europe where crypto and blockchain companies can launch a corporate account for day-to-day transactions.
SolarisBank was founded in 2016 with high hopes to offer a completely digital banking platform that other businesses can connect in order to offer financial services themselves. For more than 2 years in the industry, the firm made contextual banking possible where modern financial services are integrated via Application Program Interface (API). This is why, according to CEO Roland Folz, solarisBank has tapped into the cryptocurrency and blockchain ecosystem. They believed that incorporating blockchain is a strategic step in forming a technological and regulatory bridge to traditional banking.