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German Bank, Kraken Establish First Crypto-Currency Banking Platform

Munich-based Fidor Bank AG and bitcoin exchange Kraken have formed a partnership to establish a Fidor bank ag bitcoin mining bank for crypto-currencies.

The two partners plan to set up of the world’s first regulated, licensed financial services platform in the digital currency sector. They plan to pool products and services from various providers of digital bitciin and to offer a wide range of financial products and other services related to crypto-currencies.

Fidor Bank already has partnerships with Kraken, Ripple Labs, and Bitcoin. de. The initiative is looking for other interested partners, including various providers of virtual currencies, financing, technical solutions, and marketing understanding, to be aggregated into the crypto-currency bank.

Matthias Kröner, Fidor Bank CEO, commented:

The aim of this initiative is to establish a specialized banking platform for crypto-currencies. Products and services from various providers of virtual assets like bitcoin are to be bundled in a kind of crypto-currency-marketplace. We want to build a regulated and specialized banking home for entrepreneurs and retail mininh who are intrigued by the idea and vision of a virtual currency Fidor bank ag bitcoin mining. But this, we cannot and we will not do on our own.

Fidor Bank has indicated that it will provide the regulatory expertise, core banking platform, and licenses as well as the technical basis via its IT-service subsidiary Fidor TecS AG.

Kraken Fidor bank ag bitcoin mining contribute its technological capabilities in crypto-currencies safe storage, exchange and trading.

Fidor Bank and Kraken hope to, by December 2014, take first steps with selected partners to setting up the platform.

Jesse Powell, Kraken CEO, added:

We are extremely Fidor bank ag bitcoin mining about the opportunity to deepen our partnership with Fidor, to leverage the experience we’ve gained working together over the past year, and to benefit the broader crypto-currency community, industry and ecosystem. Miningg hope that in opening up our relationship and expanding our circle of trust, we’ll see the industry grow, regulators become more comfortable, and other banks thaw out.

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Germany's Fidor Bank Is First Fidor bank ag bitcoin mining to Use Ripple Network

Fidor Bank AG is the first bank to integrate the real-time global settlement protocol provided by Ripple Labs.

The German direct bank will adopt San Francisco-based Ripple's open-source, distributed payment protocol that enables bamk free instant payments in any currency, including dollars, yen, euros, Bitcoin and loyalty points. Ripple Labs also has its own virtual currency, called ripple.

"Ripple enables us to securely and instantly send money anywhere in the world at no additional cost and through the same bitcoim facing products and relationships bitcojn offer today," says Matthias Kroner, CEO of Fidor Bank AG, in Fidor bank ag bitcoin mining press release.

Fidor offers a combination of traditional and online banking services to private and corporate clients. It has a history of supporting virtual currency, and has worked with Payward Ltd. and Bitcoin Deutschland GmbH, both of which operate virtual currency exchanges. Payward's Kraken exchange also supports the ripple digital currency.

The bank will use Ripple to power inter-bank payments with other bak and intra-bank payments between branches, according to the release, at lower costs and settlement and foreign exchange risk.

Ripple is headed by CEO Chris Larsen, who has also held leadership roles at Prosper Marketplace and E-Loan.