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Solaris Bank Set To Make Its Blockchain-based Bank Accounts Public

So far about 35,000 users have been pre-registered for the upcoming blockchain bank account, since the German Blockchain startup, Bitwala announced this initiative. The German startup is in partnership with Berlin-based fintech company, Solaris Bank to achieve this feat.
This partnership would allow Bitwala to offer banking services to its registered customers of this blockchain bank account through its banking license, as revealed by Bitwala spokesperson Roman Kessler.
The launching which is set for mid-November also involves holders of cryptocurrencies as the startup plans to cater for those who already have digital tokens. Just last month the startup managed to raise €4 million to support its efforts.
Kessler stressed while speaking to the reporters that they were a blockchain banking service and not a bank, even though plans are going underneath to obtain a banking license of its next year.
The President of Bitwala, Jorg Von Minckwitz emphasized the plans of the company in a statement, he said;
“We are very proud to partner with solarisBank as we launch our new product. Their technical services and regulatory umbrella enable Bitwala to be fully compliant with German banking requirements while offering a reliable user experience”.
The partnership isn’t just for the blockchain bank account only, Solaris Bank would also help them avoid some of the regulatory pitfalls it encountered in the past. Bitwala in January was one of the several crypto companies that were heavily affected when Visa Europe closed the account of its debit card issuer.
The blockchain startup partner has some notable backers, including Spain-based BBVA and card provider Visa. Since it’s establishment in 2016, Solaris Bank had enjoyed lots of funding, earlier this year alone they closed a €56.6 million Series B funding round, according to TechCrunch.
Over time they have proven to be a possible partner for the crypto-industry, through its Blockchain factory effort. Kessler explained that Bitwala was drawn to partner with the bank because of its fantastic technical platform that allows any company the ability to easily go in and connect it’s use cases into the Solaris Bank API.
With more and more partnership and innovations like this coming up for the convenience of crypto users and prospective users alike, the crypto world and digital assets have gradually positioned itself as a must have for the banking and trading sector in future.

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