Germany's SolarisBank to Serve Blockchain and Crypto Companies

Crypto and blockchain companies from the European Economic Area (EEA) can now conduct business through the fully licensed German solarisBank, Cointelegraph auf Deutsch reports Thursday, June 28.

With its ‘Blockchain Factory,’ solarisBank offers its customers a so-called ‘blockchain company account’, which can only be opened in fiat currencies. These accounts are intended for the banking needs of blockchain companies, which are still not met by most German banks, according to Cointelegraph auf Deutsch.

In addition, with the ‘automated trust account’, the banking platform provides a service to facilitate the purchase and sale of fiat currencies by global cryptocurrency exchanges.

Philipp Blankenagel, Head of Communications at solarisBank, explained the company’s move to "Cointelegraph auf Deutsch":

"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.”

There are still few financial institutions in Europe where crypto and blockchain companies can open a corporate account for day-to-day transactions.

In the beginning of June, however, Swiss Hypothekenbank Lenzburg announced that it would accept blockchain and crypto companies as customers - but the service is primarily aimed at companies based in Switzerland.