With the increasing rate at which cryptocurrencies has taken over our virtual space, we have now come to terms with the fact that it is a medium of exchange. While cryptocurrencies remain a decentralized currency that is unregulated, crypto brokerages firms had, for some time, begun to face a new challenge. No traditional banking organizations are willing to partner with blockchain industries.
But the story has changed today.
SolarisBank, a German banking magnate, has received the necessary banking license and has decided to launch a Blockchain Factory program to accommodate crypto and blockchain firms operating in the European Union. The CEO of SolarisBank, Roland Folz during the launch disclosed that as a result of the increasing demand for blockchain firms to find a licensed bank to partner with, birthed the idea to bridge the gap between traditional and cryptocurrency transaction.
SolarisBank, which was established a little over two years ago, has already entered a symbiotic partnership with MasterCard to build new banking modules and has slowly grown to establish itself as a smart bank in Germany and in some parts of Europe. With this innovative move in place, we will begin to see cryptocurrency brokerage firms coming out in their numbers to partner with SolarisBank. The German-based bank started its giant strides by partnering with vPE Bank (another German-based bank) and both financial institutions have begun strategic plans to provide cryptocurrencies to traders and collaborate with cryptocurrency agencies that deal with debit cards.
Apart from the Blockchain Factory program, SolarisBank has also unveiled another initiative known as SolarisBank Automated Trust Account, which is a feature that allows the buying and selling of fiat currencies on global marketplaces. It has always been the prerogative of banks generally to safeguard the savings of its customers, and with the way the blockchain industry is set up—with concerns ranging from users who are quite unfamiliar with cryptocurrencies, fears about transacting losing money to unregulated brokerage firms—SolarisBank will surely boost the confidence of people whose wallets are in cryptocurrency and blockchain firms.
Virtual currencies are the future of banking. SolarisBank knows this and has decided to take advantage of that knowledge to break the barrier between traditional banking and digitalized banking. In so doing, the bank will stay relevant in a world that is gradually tilting towards dependency in technology and will help change some of the cryptocurrency irregularities.