German SolarisBank Opens Subsidiary to Provide Custody Services for Digital Assets

Berlin-based fintech company solarisBank has established a subsidiary to provide a custody solution for digital assets.

Per a Dec. 11 announcement, solarisBank's newly established subsidiary, solaris Digital Assets GmbH, will provide clients with an application programming interface-accessible platform, which gives access to the full range of solarisBank's digital white-label banking services.

No need to apply for a licenseThe announcement further reads that solaris Digital Assets will operate in compliance with the regulatory requirements of the German market, as well as ensure storage of digital assets that is compliant.

This, according to the company, will release clients from the need to apply for a license themselves.

"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 tractionEarlier in December, DXM, a financial services subsidiary of South Korean fintech firm Dunamu, revealed plans to launch an institutional crypto asset custody service, in collaboration with crypto cybersecurity firm Ledger.

DXM plans to launch the custodian under the name Upbit Safe and that Ledger Vault, Ledger's custody arm, will support the initiative with its technology.

Fidelity Digital Asset Services, LLC procured a charter from the New York State Department of Financial Services to operate a virtual currency custody and execution platform, where both institutional investors and individuals can store, buy, sell and transfer Bitcoin.