Unstoppable Finance plans DeFi bank

Unstoppable Finance, a German fintech start-up that operates a self-custodial crypto wallet, has announced plans to build Europe’s first fully regulated decentralised finance (DeFi) bank. The firm plans to offer a suite of banking and financial services, both on traditional and DeFi rails, and issue a fiat-backed euro stablecoin.

The fiat-backed stablecoin, which will serve as a bridge between traditional finance and the decentralised economy, will be an e-money token issued following the guidance of the EU’s new Markets in Crypto Assets (MiCA) regulation, which was voted into effect by the European parliament last month. Unstoppable Finance aims to become a full bank and “unlike other stablecoin issuers”.

Peter Grosskopf, co-founder and CTO of Unstoppable Finance, said, “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.”

Unstoppable Finance was founded in 2021 by Grosskopf, along with Maximillian von Wallenberg-Pachaly and Omid Aladini. The company’s first product, a DeFi wallet called Ultimate, was launched in 2022. Grosskopf had previously co-founded Solarisbank in 2016, which provides banking infrastructure and licensing for over 50 European fintech and blockchain start-ups.