Fidor and Kraken Looking To Launch The First Ever Crypto Currency Bank

Fidor and Kraken looking to team up to form the first Crypto Currency bank

Stan Higgins published an article on Coin Desk looking at the formation of the first bank that will specialize in crypto currencies. On the project’s official website, visitors are being asked to vote on a name for the proposed cryptocurrency bank. The three names are: BICONDO, BYSE Bank and Cryptocurrency Bank.

From the article:

German Internet direct bank Fidor and digital currency exchange Kraken are teaming up on what the two companies say will be the first “specialized bank for cryptocurrencies”.

The platform is expected to enter the first stages of development by the end of this year.

San Francisco-based Kraken reported it will be responsible for the technological aspects of the project, while Fidor will handle regulatory and licensure logistics, drawing from its connections in the broader financial sector.

The partnership builds on an existing cooperation between Fidor and Kraken, which cemented an European market exchange services pact in October 2013. The move to build a cryptocurrency-focused bank echoes previous statements from Fidor’s leadership, including COO Michael Maier who hinted at next-generation digital currency banking services in a June interview with CoinDesk.

Read the full article on Coin Desk