Getting Bank accounts seems to be an issue for companies dealing in virtual currencies. Some countries are considering introducing a new type of bank. What are your thoughts on this? Also, where do these businesses currently bank?
Fintech companies involved in blockchain or digital assets are still seen by many banks, especially large global banks, as too high a risk. However we have seen smaller banks like Silvergate Bank and Metropolitan Commercial Bank in the US offering banking services. Specialist banks are also forming like Blockchain Factory, part of Solarisbank in Germany for example. Some Jurisdictions, like Bermuda, are also considering offering special licenses to establish banks that will provide services to local fintech and blockchain organizations.
So yes, Banking for fintech and blockchain firms is currently difficult but we are seeing small and more specialized banks offering their corporate banking services to the industry.