Germany’s SolarisBank announced today that they will be launching the ‘SolarisBank Blockchain Factory’ to service blockchain and cryptocurrency companies.  The Blockchain Factory aims to serve as a bridge between the worlds of banking and blockchain.

SolarisBank will serve as a specialized infrastructure partner backed with banking licenses to drive forward the vision of decentralized and contextual banking.

“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 licence we are the natural partner,” said Roland Folz, CEO of SolarisBank.

The Blockchain Factory will reportedly offer a wide range of banking services to companies whose businesses are directly or indirectly based on blockchain technology. SolarisBank will offer specialized ‘Blockchain Company Accounts’ for global cryptocurrency marketplaces to more easily buy and sell fiat currencies. One such service being made available to crypto companies is access to SolarisBank’s ‘Automated Trust Account’—an automated escrow account for cryptocurrency marketplaces.

SolarisBank is also working to develop a number of entirely innovative services to crypto clients, including digital banking and debit cards specially designed for blockchain companies. SolarisBank ultimately aims to launch a fully-scaled service system that integrates cryptocurrency wallets and bank accounts.

Peter Grosskopf, CTO of SolarisBank, and future manager of the Blockchain Factory, states that SolarisBank is not working under the assumption that the fiat currency era is in decline. Rather he suggests that society is moving towards a hybrid future in which the significance of blockchain still isn’t fully known. However, he along with most of the modern financial world is well aware of the revolutionary power of the cryptocurrency and blockchain business model.

“It has always been the role of banks to safeguard customer assets in a trustworthy manner,” said Grosskopf. “Even in an age of decentralisation driven by blockchain technology, banks still need to take on this role. We provide the infrastructure which connects traditional banking with modern, digital services.”

SolarisBank isn’t alone in its mission to service crypto and blockchain companies. The Berlin-based bank will also be partnering with vPE Bank to enable institutional trading of cryptocurrencies and is expecting to form other partnerships over the course of the next year.

Indeed, banks worldwide seem to be steadily warming up to the idea of partnering with cryptocurrency and blockchain companies. Earlier this month, New York’s Metropolitan Bank stated publicly that they are eager to work with cryptocurrency clients. This statement came after the bank saw a 300 percent increase in its non-interest income in the first quarter of 2018 due to cryptocurrency-related transactions.

Banks not only have financial incentives to work with cryptocurrency clients, but also technical incentives. Recent reports have stated that blockchain technology in banking can reportedly cut banks’ trade financing costs by as much as 80%. Additionally, by advertising blockchain technology, banks have a better chance of attracting fresh young tech talent from places like Silicon Valley.

It is unrealistic to assume that cryptocurrencies will be replacing fiat currency in the global market anytime soon. However, crypto enthusiasts should be excited by indications that a hybrid-currency economy is indeed starting to form. Despite cryptocurrency still being in a volatile and unregulated state, governments, banks, and large companies such as Facebook appear to be opening up to cryptocurrencies as the opportunities for financial gain and technological growth are becoming too hard to pass up.

The post German SolarisBank Launches Blockchain Factory appeared first on UNHASHED.

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