Digital Assets: solarisBank to Provide Custody Services Through New Subsidiary

December 13, 2019 | Digital Assets, News

The wholly-owned subsidiary will provide a custody solution for digital assets.

The new company is one more initiative by solarisBank, the tech company with a banking license, in the digital world. It follows up on solarisBank’s 2018 launch in 2018 of the solarisBank Blockchain Factory. solaris Digital Assets GmbH, the 100% subsidiary will provide an API-accessible platform for the proposed custody solution for digital assets, according to Finextra.

Custody solutions for market participants

solaris Digital Assets GmbH will apply for a license to provide crypto custody services in 2020. The company aims to serve the multi-billion-dollar market for digital assets. Secure custody of digital assets is a major regulatory headache in this market.

Any market participant in digital assets entrusted with their safe-keeping must, therefore, apply for regulatory permission. For example, from the Federal Financial Supervisory Authority (BaFin).

Therefore, solaris Digital Assets GmbH, a subsidiary of a licensed bank, will step into the breach and provide the regulatory-compliant storage on behalf of market participants in this market.

According to Michael Offermann, Managing Director for crypto banking activities at solarisBank, the company has been successful in its Blockchain Factory initiative.  It enabled a bridge between banking and crypto.

“Now, we’re deepening this engagement by focusing fully on becoming the main infrastructure provider for digital asset pioneers with solaris Digital Assets,” he said. “It’s the logical next step.”

solaris Digital Assets – a one-stop-shop

According to Alexis Hamel, Managing Director, the current infrastructure is just not customer-friendly enough. “We see that there are still massive hurdles to launch compliant and secure digital asset services.”

“That’s why we want to empower digital asset pioneers with our one-stop-shop platform,” he added.

Moreover, solaris Digital Assets already has a white-label custody solution under testing. This product can be combined with digital banking services including digital bank accounts to build a full digital asset ecosystem.

[Related Story: Fidelity Digital Assets Secures New York State License ]

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