Kraken, Fidor Bank join forces for banking platform for virtual currencies

Monday 3 November 2014 00:26 CET | News

Germany-based Fidor Bank and Kraken, a US Bitcoin exchange for professionals and institutions, are launching an initiative to set up a specialised bank for crypto-currencies.

The initiative aims to establish a fully regulated and licensed financial services entity. The intention is to pool products and services from various providers of digital assets and to offer financial products and other services related to crypto-currencies.

Fidor Bank will provide the regulatory expertise, core banking platform and licenses as well as the technical basis via its IT-service subsidiary Fidor TecS which provides the modular banking, payment and community software program fidorOS. This platform is specially developed to provide support to digital customer groups, which allows the integration of third-party offerings within the framework of an open API-based infrastructure.

Partnerships with Kraken, online financial transactions company Ripple Labs and have enabled Fidor Bank to establish itself as the banking partner within the environment of crypto-currencies.

Companies that want to join the initiative should have the necessary expertise, a professional set-up (including funding) and must be accepting of regulatory rules, as well as restrictions (e.g, anti-money-laundering processes, full customer authentication etc).

By December 2014, Kraken, Fidor Bank and selected partners should be taking first steps in setting up the future platform.

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Keywords: Kraken, Fidor Bank, banking platform, virtual currencies, Bitcoin Exchange, financial services, banking platform, icenses
Categories: DeFi & Crypto & Web3
Countries: World
This article is part of category

DeFi & Crypto & Web3