Cryptocurrency Blockchain Germany solarisBank 29 Jun 2018
29 June, AtoZ Markets – European Economic Area (EEA) Blockchain and cryptocurrency companies now have the opportunity to conduct business via the fully licensed German solarisBank, according to a number of online reports.
solarisBank is reportedly offering a so-called “Blockchain company account” with the help of its “Blockchain Factory.” The account can only be opened in fiat currencies. In addition, these accounts are designed to aid the banking needs of Blockchain companies. As of the moment, there are no German banks that have met these requirements yet.
Also, solarisBank offers an option to open the “automated trust account.” With this type of account, the banking platform provides a service to support the purchase and sale of fiat currencies by global digital currency exchanges. The Head of Communications at solarisBank, Philipp Blankenagel, has commented on the development:
"We … see it as a chance to work with innovative companies on the future of the 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.”
Presently, there are still very few financial institutions in Europe that address this type of needs, and crypto and Blockchain firms are facing difficulties in opening corporate accounts for the transaction purposes.
Earlier this week, we reported that Heinz Tännler, the Financial Director of Zug has urged the Swiss Bankers Association (SBA) to form a group to help Blockchain firms to open bank accounts.
In Switzerland, Blockchain and cryptocurrency related companies usually face difficulties when trying to set up banking accounts. Therefore, Tännler and the Financial Director of Zurich Ernst Stocker have decided to act on the issue. They have brought the problem to the attention of Federal Council Ueli Maurer.
Reportedly, Tännler is particularly concerned about the risk of losing business to nations with more cryptocurrency friendly regulations. He has stated that Blockchain now offers a great potential for Switzerland, adding that "it must not be that Switzerland loses an innovative industry because it makes payment transactions impossible."
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