February 4, 2023

SolarisBank Launches Custody Service for Digital Assets

Berlin fintech company SolarisBank has announced the launch of a custodial platform for digital assets. Service It is accessible through the API and integrates into websites, as well as into the applications of partners of the company.

According to the statement, the new platform is manageda subsidiary of Solaris Digital Assets GmbH. Moreover, the solution is fully integrated with other banking services for SolarisBank's digital assets. Note that the company is fully licensed and regulated in the German market.

According to SolarisBank, thanks to the newThe firm’s platform partners will be able to focus on creating web interfaces and applications that connect to the Solaris API. They will be able to use the custodial solution without endangering their operations and without spending money on developing their own custodial services.

SolarisBank provides securitycustodian platform by storing private keys in a distributed cluster of hardware security modules connected to a digital accounting system.

The company claims that it makes assetsinaccessible to third-party malicious manipulations and provides instant access to them for end users. Any transfer of assets initiates a multiple audit process, and a regulatory compliance mechanism monitors transactions for suspicious activity.

SolarisBank hopes custody solutionwill contribute to greater distribution of digital assets. Recall that in September the company began to cooperate with the Stuttgart Stock Exchange in order to ensure the operation of a regulated platform for trading crypto assets.

In addition, last year, thanks to a partnership with SolarisBank, the German cryptocurrency startup Bitwala began offering cryptocurrency banking services in Germany.