SolarisBank Launches Custodial Cryptocurrency Platform
German FinTech banking provider, solarisBank, today announced the launch of a new custodial platform for digital assets. As with the company’s digital banking products, the platform is API-accessible, and integrates into its partner’s own websites and apps.
FULLY LICENSED DIGITAL ASSET SOLUTION
The new platform is run as a subsidiary of solarisBank, called solaris Digital Assets GmbH. However the custodial solution integrates fully with the rest of the solarisBank digital banking suite. SolarisBank is fully licensed and regulated in the German market, and the API-accessible nature of its platform means that partner companies can benefit from this when creating their own solutions.
Essentially, partners can concentrate on building web and app-based front-ends which connect to the solaris APIs behind the scenes. Thereby they can remain secure and complaint, without having to design, build, and license their own custodial solutions.
BALANCING SECURITY AND ACCESSIBILITY
Of course the eternal balancing act for digital asset custodial solutions is that of security against accessibility. Solaris addresses this by storing private keys on a distributed cluster of hardware security modules, connected to a digital bookkeeping system.
It claims that this keeps assets out of the reach of malicious agents but instantly accessible to end users. Any asset-transfer initiates a multi-validation process, and a compliance engine also monitors transactions for suspicious activity. Solaris hopes that this API-accessible custody solution spurs digital asset adoption amongst the wider general public.
LEADING EUROPE’S DIGITAL BANKING CHARGE
SolarisBank has been instrumental in driving digital asset infrastructure in Europe. In September it partnered with the Stuttgart stock exchange to provide fully regulated trading of bitcoin, ether, XRP and Litecoin.
Earlier this year, it also enabled crypto-banking service, Bitwala, to offer fully fledged crypto bank accounts and debit cards, through its digital banking API. It also powered Bitbond’s first regulated security token offering (STO) in the German market.
SolarisBank, a Berlin-based fintech company, has announced the launch of a custodial platform for digital assets. The service is accessible through the API and integrate into websites, as well as into the applications of the company’s partners.
German banks may be allowed to trade bitcoins
According to a statement, the new platform is managed by a subsidiary of Solaris Digital Assets GmbH. Moreover, the solution is fully integrated with other banking services for SolarisBank’s digital assets. Note that the company is fully licensed and regulated in the German market.
According to SolarisBank, thanks to the new platform, the company’s partners will be able to focus on creating web interfaces and applications that connect to the Solaris API. They will be able to use the custodial solution without endangering their operations and without spending money on developing their own custodial services.
SolarisBank provides security for the custodial platform by storing private keys in a distributed cluster of hardware security modules connected to a digital accounting system.
The company claims that this makes assets inaccessible to third-party malicious manipulations and provides instant access to them for end users. Any transfer of assets initiates a multiple audit process, and a regulatory compliance mechanism monitors transactions for suspicious activity.
Previously, SolarisBank offered its services to crypto companies. Blockchain cryptocurrency and technology companies from the European Economic Area (EEA) can now conduct business through a fully licensed bank.
Note that German banks were allowed to trade cryptocurrencies. The corresponding bill was officially adopted by the German Parliament on Friday, November 29, and will enter into force on January 1, 2020.
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