German Fintech Company Acquires License to Cater to Crypto Businesses

Germany's solarisBank in is now fully licensed to cater to crypto and blockchain companies operating within the European Economic Area (EEA). The company announced the launch of its Blockchain Factory on June 28 via its website, Cointelegraph reported.

Through this move, the Berlin-based technology firm is widening its scope of services by connecting the financial world to the crypto sphere. The enterprise is now able to offer to its clients what it calls the blockchain company account. Customers are able to open such an account using fiat currencies.

SolarisBank aims to provide banking services to crypto companies which aren’t offered by most banks in the country.

"There is high demand from the blockchain world for a licensed partner that forms the technological and regulatory bridge to traditional banking - as a technology company with a banking license we are the natural partner, said solarisBank CEO Roland Folz.

Moreover, solarisBank is now licensed to provide an automated escrow account for its clients, allowing them to buy and sell fiat currencies in cryptocurrency exchanges. The fintech firm has already made its first transaction with vPE Bank by enabling institutional trading of virtual currencies.

The company’s acquisition of its new license makes it one of the few businesses to conduct legitimate dealings in the crypto market. Another such bank is the Switzerland-based Hypothekarbank, which allows crypto companies and crypto-linked fintech organizations to open an account with it.

Hypothekarbank CEO Marianne Wildi said that crypto companies that are interested in conducting business with the firm go through a rigid due diligence procedure to ensure their authenticity. The company is quite cautious with its dealings with other businesses, so much so that only a handful of them pass the bank’s rigorous scrutiny.

As for solarisBank, the company hopes to solidify its position in the crypto industry while providing top-of-the-line services to its new clients.

The head of communications at solarisBank, Philipp Blankenagel, said that they see this opportunity as a chance to work together with innovative companies in financial industry.

“We believe in the future of blockchain technology and the future of companies that rely on this technology. At the same time, as a bank licensed company, we place great value on legal and regulatory permissibility and scrutinize possible partnerships,” Blankenagel said.