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Fidor Bank to Open Branchless Cryptocurrency Platform in US

Avatar Yashu Gola 5 years ago

[Notice: The Fidor Bitcoin-related services are available out of Germany only.]

In its pursue to experiment additional markets, German bank Fidor has decided to open a branchless banking platform in the US, a step that is likely to facilitate the essential use of cryptocurrency further.

Fidor Bank

According to the available reports, the Internet direct bank plans to launch a real time cross border transaction network through Ripple protocol. Fidor meanwhile has not released any further detail about the products that will be the part of its US expansion plan (currently in development). There are however rumors that the bank has signed a partnership deal with an unrevealed company to ease the launch of its web-based payment infrastructure Web 2.0.

No Regulatory Concerns

While Fidor’s central service clearly falls under the category of Money Services Businesses, the bank is still likely to face few regulatory hurdles before an official launch in the US.

A part of this could be blamed on conflicting state and national Bitcoin policies. While several states, including New York and California, are still sketching a concrete regulatory framework for digital currency sector, Fidor is likely to be driven along with the last-minute amendments if launched in these areas.

But the bank’s authorities see a silver lining amid such uncertainty. As per them, it is a good thing that a decentralized payment network like Bitcoin or Ripple is accommodated by US authorities rather than being banned or ignored. “They all aim for proper regulation and not for a general ban,” said Fidor CEO Matthias Korener. “That is something we clearly appreciate.”

“As a fully regulated entity we are used to such an environment and see lots of advantage in it,” he added later.

Fidor Bank Cryptocurrency German to US expansion of online bank

Good Fit for Young Consumers

Korener pointed out the benefits of installing a branchless banking network amid a traditional one, indicating how customers are fed up of old-school banks. He particularly referred the next-generation clients who don’t like to be waited or cheated by traditional banking methods.

“Banks are first of all solving their problems and [then] maybe the problems of their customers,” he said. “Just have a look at the products and their pricing.”

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN...

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