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Crypto Banking vs Banking for the Blockchain Era

We started Bankera to build a bank for the blockchain era, as we saw an empty niche and a business opportunity there. The lack of trustworthy, stable and crypto-friendly financial institutions was irritating us since we started SpectroCoin, a cryptocurrency exchange, back in 2012. Therefore, we decided to start building a financial service provider which would meet our and other blockchain-related business needs ourselves.

Serving the underserved

The target clients for our banking for the blockchain era model are companies directly involved with cryptocurrencies: this includes exchanges, mining pools, trading houses. Not only are we offering services for their operational purposes, but also helping them expand their services by providing various integrations to upsell their clients.


Many businesses have nothing to do with cryptocurrencies but are building their products based on blockchain technology. Banks and other financial institutions frequently reject such projects just because of the word ‘blockchain’ in their business description. 


Another group of underbanked blockchain-related businesses is the providers of professional services to crypto businesses, such as marketing agencies, legal companies, and consultants. They usually get their accounts closed because of the blockchain stigma.


The third group of underbanked projects includes various online and physical businesses that accept Bitcoin and other cryptos as a payment method for the goods and services they provide. Sometimes their banks are not willing to take proceedings from such transactions.


Bankera is there to help each of these groups. However, it does not mean that we open accounts for everyone. As we operate a heavily regulated and licensed financial business, we have to adhere to legal requirements to the highest level. However, by being crypto-friendly, we are willing to go the extra mile to understand each client’s business model. Additionally, we can help them mitigate any potential risks and meet our regulatory requirements so that we could have a long-term business relationship.


Also, it does not mean that our services are only limited to blockchain-related businesses. We are open and serving businesses working in affiliate, marketing, e-commerce, e-sports, iGaming and other digital industries.

Banking for the blockchain era is not the same as crypto banking

While these terms are often mixed up, they represent different stages of virtual currencies and blockchain economy value chain. While banking for the blockchain era provides the traditional financial services such as payment accounts, cards, and financing to businesses in the blockchain field, crypto banking focuses on providing banking-like services with cryptocurrencies, such as crypto loans, crypto wallets, or even savings.


In our ecosystem, SpectroCoin is steadily building a solution which could be described as a crypto bank, while Bankera, as stated in our whitepaper, is concentrating on the traditional payments side. This includes offering payment accounts, issuing cards to crypto-related businesses or their clients via white label partnerships.


We hope that this blog post was a useful reflection on our initial ideas about building a bank for the blockchain era. We aimed to shed some light on how the model of Bankera differs from crypto banking and how different businesses in our ecosystem (Bankera and SpectroCoin) are serving clients in both of these industries.

13 October, 2020

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