Unstoppable Finance has recently announced its plan to construct the first DeFi bank in Europe. The firm, known for their popular self-custodial crypto wallet “Ultimate”, aims to build a fully regulated bank that will offer a broad suite of banking and financial services on both traditional and DeFi rails, which will include a fiat-backed Euro stablecoin.
According to the co-founder and CTO of Unstoppable Finance, Peter Grosskopf, the current banking system primarily runs on legacy rails, making it slower and less stable than the DeFi space. Money no longer has to be transferred through traditional, time-consuming methods, as stablecoins have made it possible to settle transactions in seconds and offer transparency into transaction ledgers. The financial system needs to be rebuilt from the ground up, leveraging this innovation, and creating a more stable and transparent system.
The bank’s fiat-backed stablecoin will follow the EU’s MiCA regulation and serve as a “bridge” between traditional finance and the decentralized economy, ultimately being a cornerstone for the future of finance. This is not the first banking venture for Peter Grosskopf, who co-founded and served as CTO for SolarisBank and was also involved in launching the first regulated digital asset exchange in Germany at Boerse Stuttgart.