A bank in Germany that goes by the name of Fidor Bank AG is truly differentiating itself even further from your grandparents’ bank. You may have read that Fidor became the first bank to utilize Ripple’s payment protocol, so why is this bank so different?
Fidor is not your traditional bank. Just take a second to digest all the features Fidor’s smart checking account offers besides the trite bank/bank card “perks” that every bank offers.
Fidor’s smart checking account enables users to:
- Have no account fees
- Borrow money from friends
- Buy precious metals
- Buy foreign currencies
- Buy alternative currencies (BTC and some AltCoins)
- Send payments to e-mail addresses, twitter handles or phone numbers
- And much more.
Fidor has partnered with the German bitcoin exchange bitcoin.de all the way back in July and more recently announced it’s Bitcoin derivatives market back in January.
Fidor will begin using Ripple for intra-bank payments in its’ German branches and with their international partners. If this does bring down the cost of doing business, as planned, more banks may soon follow.
Fidor is bucking the trend for what a modern bank could become, using technology to bring down the costs of banking and giving customers more freedom over their money.