German SolarisFinancial Institution Opens Subsidiary To Provide Custody Services For Digital Assets

Berlin-based fintech firm solarisBank has established a subsidiary to supply a custody account digital holding.

Per a Dec. 11 announcement, solarisBank’s new established subsidiary, solaris Digital Assets GmbH, will present purchasers with an computer software programming interface (API)-accessible platform, which supplies entry to the complete vary of solarisBank’s digital white-label banking companies.

No want to use for a license

The announcement additive reads that solaris Digital Assets will function in compliance with the regulative necessities of the German market, additionally to guarantee storage of digital holding that’s compliant. This, supported the corporate, will launch purchasers from the essential to apply for a license themselves. Solaris Digital Assets plans to use for a license for the crypto custody enterprise in 2020.

Commenting on the subsidiary launch, Alexis Hamel, director of solaris Digital Assets, mentioned:

“The current infrastructure is simply not customer-friendly enough for mass adoption. That’s why we want to empower digital plus pioneers with our one-stop-shop platform, which provides a cutting-edge custody solution aboard licenced digital banking services, such as accounts, card game or KYC services.”

Custody companies accomplish traction

Earlier in December, DXM, a medium of exchange companies subsidiary of South Korean fintech agency Dunamu, disclosed plans to launch an institutional crypto plus custody service, together with crypto cybersecurity agency Ledger. DXM plans to launch the steward underneath the identify Upbit Safe and that Ledger Vault, Ledger’s custody arm, will help the initiative with its expertise.

Also, Fidelity Digital Asset Services, LLC (FDAS) procured a constitution from the New York State Department of Financial Services to function a digital forex custody and execution platform, the place each institutional buyers and people can retailer, purchase, promote and switch Bitcoin (BTC).

German SolarisFinancial Institution Opens Subsidiary To Provide Custody Services For Digital Assets

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