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 Licenced 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 licenced 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 licence 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 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.
What do you make of solarisBank entering the digital asset custody market? Add your thoughts below!
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