Those companies located on the European Economic Area (EEA) will now be able to process their business transactions and operations through SolarisBank, a German institution that is fully licensed in the country.
Solaris Bank has a ‘Blockchain Factory’ that allows customers to have a ‘blockchain company account’ that can be opened to use fiat currencies. But the main intention of this kind of account is to offer financial services to crypto and blockchain related firms.
At the moment of writing this article, there are just few institutions that are fully licensed in Europe, and this is an important step for blockchain firms in the continent. Additionally, the banking platform facilitates the purchase and sale of fiat currencies by global crypto exchanges.
The Head of Communications at solarisBank, Philipp Blankenagel, explained:
“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.”
Another bank in Europe, Swiss Hypothekenbank Lenzburg, said that it would be ready to accept blockchain and cryptocurrency companies. Apparently, the service is going to be specifically designed for companies located in Switzerland.
Around the world, several banks have been attacking some customers because they were using banking services to operate with cryptocurrencies. For example, in Chile and Colombia, several banks decided to stop giving service to the Chilean cryptocurrency exchange Buda.com. After it the crypto company decided to take the banks to the court.
Other banks in the United Kingdom, banks such as Lloyds Bank, Bank of Scotland, Halifax and MBNA, do not accept credit card transactions to buy cryptocurrencies. In the US JP Morgan and Bank of America took similar measures as those banks in the UK.