Backed By Major Financial Institutions, SolarisBank Launches Subsidiary For Crypto Custody
SolarisBank has recently announced that it is has created a new unit called Solaris Digital Assets in order to offer crypto-custody services to clients. The German fintech company has been backed by recognized investors such as BBVA or Visa.
SolarisBank Launches New Crypto Subsidiary
The company located in Berlin is now working so as to offer custody solutions to clients that were already able to have access to digital banking services offered by the firm. SolarisBank received over $63 million from investors in order to start working on solutions in relation to the crypto space.
The cryptocurrency market has been evolving during the last years and custody solutions have been highly demanded by firms and investors all over the world. At the same time, regulatory agencies have been focusing in order to create clear regulations for crypto custody services.
The subsidiary of SolarisBank, Solaris Digital Assets, is planning to be compliant with all the regulatory requirements imposed by the German authorities. The main goal is to be able to offer crypto-related custody solutions to clients. The firm is going to be applying for a crypto license to offer custody to clients as soon as in 2020.
Despite the new products available for both large and retail investors in the market, custody remains as one of the most important topics for the industry.
At the moment, there are some partners that are testing the custody product created by the company and that would eventually be combined with other traditional banking services. This would be very useful to bridge the current gap that there is between the traditional financial market and digital assets.
In the past, SolarisBank offered services to Bitwala, Boerse Stuttgart Digital Exchange and many other companies involved in the crypto market.