Bitcoin-friendly Fidor Bank Expands to the United Kingdom

Fidor Bank, the innovative German bank that is bringing Bitcoin and digital fintech to mainstream banking, is now operating in Great Britain.

Fidor Bank, one of the world’s most innovative banks disrupting the traditional banking sector, has been recognized by the World Economic Forum as a “Global Growth Company.”

Founded in Germany in 2009, Fidor Bank offers a new approach to financial services.

“Traditional banks do not reflect their customers’ needs in the digital age,” notes the Fidor Bank UK website. “Customer requirements are not being met by traditional banks because of lack of innovation, increasing the distance between banks and their customers.”

A key feature of Fidor Bank is its community site, where users and representatives of the bank discuss the financial services provided by the bank in an open forum. The Fidor Bank community has become one of the most active financial communities in Germany, where more than 250,000 users, bank employees and board members engage in discussions around the clock. Of course, Fidor Bank UK has also a Facebook page.

The Fidor Bank Community Product Reviews section offers a free overview of the advantages and disadvantages of a wide range of financial products. Product reviews are completely independent and consist solely of the views of community members, with feedback from the bank.

Fidor Bank Community members develop reputation and “karma” points, and can join interest groups. The most popular interest group is dedicated to cryptocurrencies. This is not surprising, because Fidor Bank is popular among Bitcoin users and considered as the most Bitcoin-friendly mainstream bank. In October, Fidor Bank partnered with bitcoin exchange Kraken to create the world’s first cryptocurrency bank.

German Fidor Bank teams up with Bitcoin.de to offer instant Bitcoin transactions

Last updated on January 2nd, 2018 at 12:00 am

Some banks fear Bitcoin, some even try to prevent its clients from dealing with cryptocurrency, but not Fidor Bank. The Munich-based bank has partnered with the German Bitcoin exchange Bitcoin.de to offer a new “Express Trade” option to its customers.

This feature will allow the bank’s customers to buy and sell BTC instantly on the exchange. Fidor customers with a ‘Smart Giro Account’ can now “conduct a Bitcoin trade on Bitcoin.de within a matter of seconds. Via their ‘Express Trade’ system, Fidor and Bitcoin.de offer the fastest option in Europe of buying and selling Bitcoins,” the companies announced in a press release.

The bank’s ‘Smart Giro Account’ is a complete bank account that includes all the standard features offered by the bank such as a low-cost credit card, which works can be recharged with BTC.

Clients with a ‘Smart Giro Account’ are now able to purchase Bitcoin directly from a bank account and receive the digital coins immediately after the operation, as well as sell Bitcoin to another ‘Smart Giro Account’ holder and receive the money instantly.

The benefits of this partnership are pretty amazing. Most Bitcoin exchanges usually take several hours or even days to complete a transaction. Also, safety is not always a total guarantee.

At Bitcoin exchanges, which are often unregulated and operate from abroad, the customers’ money generally lies unsecured on the company bank account of the operator of the trading platform and is as such exposed to the risk of total loss in the case of insolvency, for example.

This risk also exists in the case of fraud. The numerous examples of the bankruptcy of foreign Bitcoin exchanges show that this is not merely a theoretical risk. At Bitcoin.de, by contrast, the customers’ money is always on their own bank accounts – in the case of Fidor Bank with statutory deposit security of 100,000.- euro per private customer.

“We are proud that we at Bitcoin.de have been able to develop further together with our bold partners from Fidor Bank towards an exchange,” Oliver Flaskämper, board member of Bitcoin Deutschland AG, said.

“That is not only good news for all Bitcoin fans, but also good news for fin-tech companies based in Germany. Together with the right partners more is possible in Germany than one might think,” he added.

The CEO of Fidor Bank agrees. “Above all in an innovative environment such as that in which Bitcoin operates, the top priority must be to provide the users this offer of security and sustainability,” Matthias Kroner said.

According to the banking expert, “the prompt conducting of money transactions in the environment of Bitcoin transactions from one bank customer to another bank customer enhances security massively. As such Fidor Bank is setting a further milestone in digital banking.”

The German bank is no stranger to Bitcoin-related innovation. Back in October 2014, Fidor announced it wanted to team up with the digital currency exchange Kraken to create the world’s first cryptocurrency bank.

Fidor Bank also disclosed recently its plans to expand its services to the United States market. Bitcoin Magazine reports that Kroener praised the American authorities’ open and pragmatic middle-of-the-road approach to Bitcoin regulation.

We are a team

Learn a little about us

Kraken bitcoin exchange puts you first

Founded in 2011, San Francisco-based Kraken is the largest Bitcoin exchange in euro volume and liquidity and also trading Canadian dollars, US dollars, British pounds and Japanese yen. Kraken is consistently rated the best and most secure Bitcoin exchange by independent news media. Kraken was the first Bitcoin exchange to have trading price and volume displayed on the Bloomberg Terminal, the first to pass a cryptographically verifiable proof-of-reserves audit, and is a partner in the first cryptocurrency bank. Kraken is trusted by hundreds of thousands of traders, the Tokyo government's court-appointed trustee, and Germany's BaFin regulated Fidor Bank.

"Our mission is to provide an exceptional bitcoin exchange experience"

Bitcoin.de Launches Integration With Fidor Bank Accounts

Bitcoin.de's long-standing partnership with Fidor Bank has finally borne fruit, with the company claiming it is the world's first bitcoin trading platform with a "direct connection to the classic banking system".

Bitcoin.de says the arrangement brings a far faster service, allowing EUR/BTC trades to be completed within "seconds" when both customers have a free 'FIDOR Smart Giro Account'.

Extra security is also promised, with customers' funds staying within their Fidor Bank accounts, rather than being held by a centralised body, such as an exchange.

In the case of insolvency or security breach, Bitcoin.de points out, those funds are all too easily lost, with no guarantee of return. The same applies should a bitcoin exchange prove fraudulent, as was alleged recently in Hong Kong.

Accounts held at Fidor Bank – which, as a licensed German bank, is highly regulated – are covered by a "standard deposit security of €100,000".

To put this arrangement in place, took over one and a half years of development work, with regulatory requirements being taken into account and a new set of Terms and Conditions being created for the business, according to Bitcoin.de.

'Massively enhanced security'

Oliver Flaskämper, board member of Bitcoin Deutschland AG, said.

"That is not only good news for all bitcoin fans, but also good news for FinTech companies based in Germany. Together with the right partners more is possible in Germany than one might think."

Fidor Bank CEO Matthias Kröner explained that, in the bitcoin environment, conducting money transactions promptly from one bank customer to another enhances security "massively".

"As such," he said, "Fidor Bank is setting a further milestone in digital banking".

Bitcoin.de is a peer-to-peer bitcoin trading platform that allows bitcoin buyers and sellers to deal directly with one another, rather than dealing with the company, as is the case with bitcoin exchanges.

Crypto-friendly bank

In October 2013, digital currency exchange Kraken also forged a partnership with Fidor to offer its European customers regulated bitcoin trading services.

Unlike most other banks globally, Fidor seems very open to cryptocurrency business, as well as the technology itself. In May of last year, it became the first bank to integrate Ripple's payment protocol, allowing its customers to instantly send any currency in any amount through the bank's money transfer system.

Kröner said at the time:

"Ripple enables us to securely and instantly send money anywhere in the world at no additional cost and through the same customer facing products and relationships we offer today."

Finding solutions to risks of centralising customers' funds in a single company's bank account seems to be a growing trend. In Hong Kong, bitcoin exchange Gatecoin recently launched, promising segregated bank accounts for customers, and notably covering 40 countries across the globe.

Gatecoin is a licensed Money Services Operator in Hong Kong, meaning it is monitored by the country's Customs and Excise Department.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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