Solarisbank the Berlin-based fintech company has set up a subsidiary to supply a custody solution for digital assets.
SolarisBank’s fleshly established subsidiary, solaris Digital Assets GmbH that can offer customers with an application programming interface (API)-accessible platform which supplies access to the complete range of solarisBank’s digital white-label banking services according to an announcement on December 11.
No need to apply for a license
The announcement farther reads that solaris Digital Assets can operate in compliance with the regulative necessities of the German market, and also guarantee storage of digital assets that is acquiescent. This will release customers from the need to apply for a patent themselves according to the company. In 2020, Solaris Digital Assets plans to request for a patent for the cryptocurrency custody business.
Making a statement on the subsidiary launch, the managing director of solaris Digital Assets, Alexis Hamel, said:
“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 services gain traction
DXM, a money services subsidiary of South Korean fintech company Dunamu, disclosed plans to launch an institutional cryptocurrency asset custody service together with cryptocurrency cybersecurity company Ledger earlier in December . DXM intends to launch the custodian under the name Upbit Safe which Ledger Vault, Ledger’s custody arm, can support the initiative with its technology.
Fidelity Digital Asset Services, LLC (FDAS) also bought a charter from the New York State Department of Financial Services to work an execution platform and virtual currency custody, where each institutional investors and people will buy, store, sell and transfer Bitcoin (BTC).