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Unstoppable Finance announces to build first DeFi Bank

Posted on May 17, 2023 by Unstoppable Finance
Unstoppable Finance announces to build first DeFi Bank

BERLIN - 9 MAY 2023: Unstoppable Finance, the company behind the popular self-custodial crypto wallet "Ultimate" announced today that it will build Europe’s first fully regulated DeFi-native bank and a fiat-backed Euro stablecoin. In contrast to other stablecoin issuers, the bank will become a full bank, offering a broad suite of banking and financial services, both on traditional and on DeFi rails.

The blockchain industry has created innovative approaches to tokenize assets, issue digital identities and facilitate payments and financial services at a global scale. Still, major parts of this industry remain separate from the real economy. At the same time, the slew of recent banking failures such as Silicon Valley Bank, Credit Suisse, and others showed that the traditional banking system is far from stable. The verdict: banking needs to be rethought from the ground up.

“The banking system today still largely runs on legacy rails. Money doesn’t flow in real-time. With the advent of stablecoins money became programmable, settling in seconds around the clock, and providing transparency into transaction ledgers. Now is the time to leverage this huge innovation and rebuild the financial system into the one we’d build today” says Peter Grosskopf, Unstoppable Finance co-founder and CTO.

The bank will issue a fiat-backed stablecoin following the guidance of the EU’s new Markets in Crypto Assets (MiCA) regulation, which was voted into effect by the European parliament in April. The stablecoin will be an e-money token and will serve as a bridge between traditional finance and the decentralized economy - a cornerstone for the future of finance.

For Peter Grosskopf, co-founder at Unstoppable Finance, this won’t be the first time he launches a bank. In 2016 he co-founded and served as CTO for SolarisBank, now an established partner for 50+ European Fintechs and blockchain startups in need of banking infrastructure and licensing. Subsequently, he worked alongside Maximillian von Wallenberg-Pachaly and Omid Aladini to launch the first regulated digital asset exchange in Germany at Boerse Stuttgart, before the three of them founded Unstoppable Finance in 2021. The first product of Unstoppable Finance, the DeFi wallet “Ultimate”, launched in 2022, and allows smartphone users to custody and trade their crypto assets in a non-custodial manner. Wallets are the ultimate frontend for the bank of tomorrow.

About Unstoppable Finance / Ultimate

Unstoppable Finance aims to bring the financial possibilities of the decentralized economy to people around the world. Our first product “Ultimate” is a smartphone self-custody wallet that allows token trading and interaction with DeFi protocols on the Ethereum and Solana blockchains. Other services will follow.

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