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

Per a December. 11 annunciation, solarisBank's newly established subsidiary, solaris Digital Assets GmbH, will provide clients with an awarding programming interface (API)-accessible platform, which gives access to the full range of solarisBank'due south digital white-characterization cyberbanking services.

No demand to apply for a license

The 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 utilise for a license themselves. Solaris Digital Assets plans to utilize for a license for the crypto custody business in 2022.

Commenting on the subsidiary launch, Alexis Hamel, managing director of solaris Digital Assets, said:

"The current infrastructure is but not client-friendly enough for mass adoption. That's why we want to empower digital asset pioneers with our 1-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 traction

Earlier in December, DXM, a financial services subsidiary of Due 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 engineering.

Too, Allegiance Digital Asset Services, LLC (FDAS) procured a charter from the New York Land 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 (BTC).