SBI Group-invested solarisBank has launched a division centered on increasing the adoption of cryptocurrency with a custody solution for digital currencies. The subsidiary, dubbed Solaris Digital Assets GmbH, will be responsible for everything cryptocurrency in the bank.
solarisBank is a technological company granted a banking license. The firm announced that the division will offer an API-accessible platform that includes a custody solution to its all-around solarisBank’s digital white-label banking services.
In 2018, solarisBank significantly contributed to the blockchain world by launching the solarisBank Blockchain Factory which offers banking infrastructures.
The digital assets division will move solarisBank’s blockchain activities further by adding more value to the banking infrastructure with a custody solution for digital assets. At the moment, the firm has partnered with Bison, BSDEX by Börse Stuttgart and Bitwala.
Michael Offermann, Managing Director for crypto banking activities at solarisBank, said the subsidiary’s vision was centered on offering banking infrastructure for blockchain pioneers to serves as a nexus between banks and cryptocurrency projects.
While the subsidiary will work on implementing the regulatory requirements of the German market, it will also work to make sure the regulatory rules regarding the storage of digital assets are followed. To achieve that, come 2020, the division will work towards applying for crypto custody license.
The maiden innovation of Solaris Digital Assets is a white-label custody solution for cryptocurrency. The custody is laced with maximal security. At the moment, partners are testing the solution to see if it is worth making use of.
Japan’s SBI joined other big firms to invest 26.3 million euros in solarisBank. With Bertelsmann SE & Co KgaA, SBI Holdings supported the Berlin-based bank to offer digital services to its customers.
SBI Holdings has a 17.9% stake in Fukushima Bank and also invested $23 million in Shimane Bank.
SBI is also the largest R3 shareholder by investing over 2 billion yen ($17.9 million) in R3 shares after a $107 million co-investment in the firm in 2017.