German startup develops Europe’s first cryptocurrency bank

German crypto startup Unstoppable Finance has announced its intention to create the first bank in Europe to offer cryptocurrency services to its customers.

The Unstoppable team has announced that the bank will offer traditional financial services to its customers and will also become an issuer of Eurostablecoins backed by fiat assets. The bank will offer DeFi services that comply with the new EU law on crypto asset markets (MiCA).

«The modern banking system continues to operate on outdated technologies. With the advent of stablecoins, money has become programmable and transparency of transaction registers has been ensured. It’stime to capitalize on these innovations and rebuild the financial system,» said Peter Grosskopf, founder and CTO of Unstoppable Finance.

The Berlin-based fintech startup Unstoppable Finance became famous in 2022 after raising about $ 13 million to develop its own «non-custodial crypto wallet with DeFi protocol integration» called Ultimate.

As for MiCA, the new legislation requires crypto companies, including crypto wallet manufacturers, to obtain a license to operate in the European Union. Also, exchanges are required to comply with all governance and consumer protection regulations in force in the EU. In addition, regulators have introduced requirements for physical reserves for stablecoins.