SolarisBank Launches Crypto Subsidiary

Announcements, News | December 11, 2019 By:

Banking-as-a-Service (BaaS) platform SolarisBank has launched a new subsidiary called Digital Assets GmbH.

SolarisBank offers a completely digital banking platform to which other businesses can connect in order to offer financial services themselves. It was founded in March 2016, after receiving a full banking license from the German regulator within just nine months. The German license allows the company to serve business partners in nearly any European country. In June 2018, SolarisBank launched a banking service, called Blockchain Factory, that offers “blockchain company accounts.” These accounts are intended for the banking needs of blockchain companies, which are still not met by most German banks.

The new subsidiary will provide an API-accessible platform which adds a custody solution to the full range of SolarisBank’s digital white-label banking services. The solution reportedly combines maximal security with instant accessibility to meet the demands of today’s digital asset industry. First partners are already testing the custody solution, which can be combined with digital banking services such as identification solutions or digital bank accounts to build a full digital asset ecosystem.

“We started our first steps into the industries of blockchain and cryptocurrencies almost two years ago by launching the Blockchain Factory,” said Michael Offermann, Managing Director for crypto banking activities at SolarisBank. “Our vision was to provide banking infrastructure for blockchain pioneers in order to bridge the gap between banking and crypto. Fantastic partnerships such as Bitwala, Bison and BSDEX by Börse Stuttgart demonstrate how we brought this vision to life. Now, we’re deepening this engagement by focusing fully on becoming the main infrastructure provider for digital asset pioneers with solaris Digital Assets. It’s the logical next step.”

As a subsidiary, Digital Assets plans to fulfil the regulatory requirements of the German market and ensure the compliant storage of digital assets, so that partners do not have to apply for a license themselves. The company is planning to apply for a license for the crypto custody business next year.

“Digital assets will transform the way in which we exchange value,” said Alexis Hamel, Managing Director of solaris Digital Assets. “However, we see that there are still massive hurdles to launch compliant and secure digital asset 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. Our advanced APIs coupled with our regulatory expertise put us in a prime position to pursue our vision of driving digital asset adoption.”