Subsidiary of SolarisBank to Offer Crypto Custody Services

SolarisBank, a fintech firm based out of Berlin, has setup an affiliated firm to offer custody services for crypto assets. According to a December 11 media release, SolarisBank’s recently setup sister concern, Solaris Digital Assets GmbH, will offer clients with an application programming interface (API)- supporting software, which paves way for access to entire range of the bank’s digital white label banking facilities.

The announcement further states that Solaris Digital Assets will comply with German regulations and also guarantee storage of crypto assets that is in accordance with guidelines.

This scenario ensures that clients need not strive to obtain a license for themselves. Solaris Digital Assets intends to submit an application for crypto custody license in 2020.

Alexis Hamel, managing director of solaris Digital Assets, explained the need for establishing a crypto custody business while several firms have already started offering similar services:

“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.”

Earlier this month, DXM, South Korean financial technology company Dunamo’s subsidiary, disclosed its intention to roll out an institutional crypto asset custodial facility, in partnership with crypto cybersecurity company Ledger. DXM intends to unveil the custodian service under the name Upbit Safe and that Ledger Vault, custody division of Ledger, will back the endeavor with its technology.

Furthermore, Fidelity Digital Asset Services, LLC (FDAS) received a charter from the New York State Department of Financial Services to run a crypto currency custody and execution facility, where both retail and institutional investors can buy, sell, store and transfer Bitcoin (BTC),