FinTech banking provider, solarisBank from Germany announced today the launch of the new custodial platform for cryptocurrencies. Same as the digital banking products of the company, the platform if API-accessible, and integrates into the websites and apps of its partner.
The new platform is managed as a subsidiary of solarisBank, named Solaris Digital Assets GmbH. But the custodial solution fully integrates with the complete infrastructure of the solarisBank digital banking suite. The FinTech banking provider SolarisBank is fully legitimate meaning it is licensed and regulated under the German regulations, and the API-accessible nature of its platform gives the opportunity for companies to benefit from this when creating their solutions.
In essence, partners could focus on building web and app-based front-ends which connect to the Solaris APIs behind the scenes. There they can stay secure and compliant, without the need to design, build and license their custodial solutions. Obviously, the constant balancing act for digital asset custodial solutions is one of security versus accessibility. Solaris answers this problem by strong private keys on a distributed on a bundle of hardware security modules, connected to a digital bookkeeping system.
The claim of Solaris is that these safeguard assets from malicious agents but makes it accessible at ones to end-users. Any asset-transfer starts a multi-validation process and also suspicious activity is monitored by the compliance engine.
Solaris hopes that the API-accessible custody solution helps cryptocurrency acceptance amongst the bigger part of the public as per the reports in our latest cryptocurrency news. SolarisBank was influential in building digital asset infrastructure in Europe. In September it entered a partnership with the Stuttgart stock exchange to deliver fully regulated trading of Bitcoin (BTC), Ethereum (ETC), Ripple (XRP) and Litecoin.
Earlier in 2019 it also gave the opportunity to crypto-banking service, Bitwala, to offer the services of fully-fledged crypto bank accounts and debit cards, using its digital banking API. It also fueled the Bitbond’s first regulated security token offering (STO) in the German market. As per the recent reports as well, the German Banks will likely start storing Bitcoin from 2020 while most of the countries are struggling to find the perfect regulation approach to cryptocurrencies.
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