Opening a bank account for a cryptocurrency-related business can be a nightmare. Fortunately, more and more banks are trying to make it easier.
Swiss regulators may allow banking services for crypto-related firms in the coming months. At the same time, a German-based Banking-as-a-Platform (BaaP), Solarisbank announced that it will launch a new banking service plan aiming at blockchain and digital currency businesses.
“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 raised $70 million in a Series B funding round back in March. Some of the firms participating in the round, were BBVA, ABN Amro and Visa.
“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.”
The best of both worlds
“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,”, Peter Grosskopf, Solarisbank CTO explained.
Do you think that such services will become more popular? Will more banks start offering their services to the crypto-businesses? Share your thoughts in the comments below!