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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 answer for digital belongings.

Per a Dec. 11 announcement, solarisBank’s newly established subsidiary, solaris Digital Assets GmbH, will present purchasers with an 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 additional reads that solaris Digital Assets will function in compliance with the regulatory necessities of the German market, in addition to guarantee storage of digital belongings that’s compliant. This, based on the corporate, will launch purchasers from the necessity 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, managing 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 asset pioneers with our one-stop-shop platform, which provides a cutting-edge custody solution alongside licensed digital banking services, such as accounts, cards or KYC services.”

Custody companies achieve traction

Earlier in December, DXM, a monetary companies subsidiary of South Korean fintech agency Dunamu, revealed plans to launch an institutional crypto asset custody service, in collaboration with crypto cybersecurity agency Ledger. DXM plans to launch the custodian 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).

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