German Bank Offers Special Accounts to Cryptocurrency Firms
This German Bank Plans to Provide Special Bank Accounts for Cryptocurrency and Blockchain Companies
Over the past few years as cryptocurrencies have gained in popularity a few companies like exchanges and brokerage services that deal with digital currencies have had issues with their banking providers. Banks and other financial management services have ceased their partnerships with cryptocurrency firms and have closed business accounts making it very difficult for blockchain companies to establish reliable banking partners. Now the German financial tech company, Solarisbank, plans to offer a service called the ‘Blockchain Factory.’ Companies who deal with cryptocurrencies will now have a solid banking colleague who understands the technology.
“The Blockchain Factory will be used by Solarisbank to offer banking services to companies whose business is directly or indirectly based on cryptocurrencies and blockchain technology — One example of these services is the ‘Blockchain Company Account’ for the banking business of blockchain companies,” Solarisbank explains.
Furthermore, services for global cryptocurrency marketplaces will be made available to make it easier to buy and sell fiat currencies; such as the Solarisbank ‘Automated Trust Account’, an automated escrow account for cryptocurrency marketplaces.
High Demand from the Blockchain World for a Licensed Banking Partner
Solarisbank has done well since the bank’s inception in March of 2016, and entered a strategic partnership with Mastercard the following October with plans to build new banking modules. Last March, Solarisbank raised $70Mn USD in a Series B funding round from firms such as ABN Amro, SBI Group, Visa, BBVA, and Lakestar.
“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 license, we are the natural partner,” Roland Folz, the CEO of Solarisbank details.
A Hybrid Future
The financial tech company has started its first partnership with another firm called VPE Bank and the two have plans to provide cryptocurrencies to institutional traders. Moreover, the firm will establish partnerships with cryptocurrency companies that deal with banking and debit cards within their business model.
“The fiat world is not about to dissolve. We are moving towards a hybrid future, in which the blockchain world still has to prove itself,” the CTO of Solarisbank, Peter Grosskopf explains.
However, we see the disruptive power of these business models and we want to help shape the future of this industry.
What do you think about Solarisbank’s new Blockchain Factory banking services? Do you think companies who deal with cryptocurrencies need better banking providers? Let us know your thoughts on this subject in the comment section below.
Images via Shutterstock, and Solarisbank.
Written by Bitcoin.com
Filings Link Crypto Exchange Bitstamp to Game Maker Nexon
Public filings released in late May establish the strongest link yet between Bitstamp and Korean gaming firm Nexon, which was rumored to have bought the cryptocurrency exchange earlier this year.
Those rumors date back to the spring when sources indicated that Nexon would pay as much as $500 million for Bitstamp, one of the industry’s longest-running bitcoin exchanges. Word of the acquisition also came months after Nexon bought a majority stake in crypto exchange Korbit for roughly $80 million in September 2017.
Business Insider later reported in April that Nexon was in talks to acquire Bitstamp for $350 million. Lee Jungheon, CEO of Nexon Korea, said in the wake of that report that “Nexon Korea does not have anything to do with a Bitstamp acquisition” according to the Korea Herald.
But a corporate disclosure submitted by Nexon Group holding company NXC and obtained by CoinDesk suggests that some kind of deal took place. NXC, Nexon Group’s parent company, is 98.28 percent owned by Nexon founder Kim Jung-ju and his family.
According to the report, NXC owns 100 percent of a Belgian company called NXMH B.V.B.A., an investment and consulting firm. NXHM B.V.B.A., with 99 percent ownership, created Bitstamp Holdings N.V., also a Belgian company, on February 1 of this year.
The report states that Bitstamp Holdings N.V. acquired 100 percent of Bitstamp Japan Co., Ltd on April 25.
But while the documents establish a link to Bitstamp, it’s not clear whether they constitute an “acquisition” of Bitstamp given the lack of information regarding Bitstamp Japan Co., Ltd. The exchange is run by Bitstamp Limited, which is based in the United Kingdom and has offices in Luxembourg and New York.
A Nexon representative said that Bitstamp Holdings isn’t the operator of the exchange, and when asked about the relationship there, the rep said that they “cannot disclose any further information at this moment.” Bitstamp did not immediately respond to a request for comment.
Game maker push
If confirmed, the deal would represent the latest industry buy for the gaming company, which has released a number of titles for desktop and mobile platforms.
The purchase of Bitstamp Japan Co., Ltd also followed a record-setting year for Nexon. The company reported more than $2 billion in revenue for 2017, an increase roughly 28 percent over the prior year’s figures.
Nexon isn’t the only gaming company with its eyes on the crypto space, however.
Gumi, a mobile game maker based in Japan, launched a $30 million investment fund earlier this year focused on the tech. And major industry companies like Ubisoft and Unity have also made similar moves in recent months.
Nexon executives have remarked on the technology as well in the past. Back in March, Owen Mahoney, CEO of the Nexon’s U.S. arm, cited blockchain during an interview with CNBC as a tool for improving the gamer experience.
“People want to trust other people within new games, and blockchain technology can help bring that reputation across different sort of games,” he was quoted as saying.
Image via Glassdoor
Written by CoinDesk.com
Walmart Looks to Blockchain for Better Package Tracking
Walmart has yet another delivery-focused blockchain patent in the works.
The application published on July 5 is entitled “Delivery Reservation Apparatus and Method,” and as suggested, it outlines a way for managing package reservations in the context of the purchaser not being available to actually receive it.
It’s the latest “smart delivery” intellectual property play from the retail giant, which in the past year has submitted a number of U.S. patent applications in this area. Indeed, the company seems to be looking at the technology as a way to automate elements of the delivery process, but to date, much of the company’s public-facing work with blockchain has been focused on food supply chain tracking.
In the newly released filing, Walmart detail system of delivery lockers – located at a person’s home, transportation hub or other location – that can safeguard the delivered items until their recipients can come and actually sign for them. Blockchain fits into the conceived picture as a method of connecting those lockers in order to track which ones are occupied and which ones are free to be used.
“Each space on the docking station has a corresponding capacity unit for each location on the docking station. The transactions for the capacity units are tracked in a ledger, with available capacity units indicating an open location on the docking station or contracted out capacity units indicating that either the location has a locker secured thereto or that the location is reserved for a future delivery,” Walmart wrote, going on to add:
“In some embodiments, the docking stations utilize a blockchain reservation system. As such, each docking station can be a node within a blockchain network.”
The application makes frequent reference to a “public ledger,” suggesting that the proposed system would be openly accessible to some extent rather than closed off to certain participants. That leger, according to the filing, “contains a record of available and reserved capacity units for the plurality of locker docking stations.”
This perhaps suggests that Walmart wouldn’t necessarily be the only operator of these docking stations, and possibly is aimed at enabling a degree of participation by outside parties.