Solaris Digital Assets wins Bitwala as partner for digital asset custody
Berlin – 17.11.2020. Solaris Digital Assets GmbH, a 100% subsidiary of Solarisbank AG, today announced that it has won Bitwala, Germany’s crypto-banking flagship company, as a partner for its digital asset custody solution. Through this partnership, Bitwala now leverages the full spectrum of Europe’s leading Banking-as-a-Service platform, from digital bank accounts, cards and KYC to custody of digital assets.
"Bitwala is an international crypto banking pioneer and we are excited to deepen our successful and innovative partnership with this significant component. Not only does this enable us to offer Bitwala's customers a custody solution that is unparalleled in terms of ease of use and security, but also to open up new avenues for additional features such as instant crypto transfers.“
Bitwala customers in Europe will be able to store both Bitcoin (BTC) and Ether (ETH) on the Solaris Digital Assets Platform. The new joint service, that will be accessible from January 2021, builds on the existing cooperation between Bitwala and Solarisbank. Since September 2018, Bitwala has leveraged the Banking-as-a-Service platform of Solarisbank to offer its growing customer base digital bank accounts and debit cards.
In the new wallet set up, the so-called "private keys" of Bitwala's customers, which grant access to the digital assets on the blockchain, are generated and managed by Solaris Digital Assets in its secure infrastructure. New Bitwala customers no longer need to generate a wallet themselves, but will instantly have a crypto wallet in the app for a seamless customer experience.
With the custody solution of Solaris Digital Assets, Bitwala can offer a secure and compliant wallet offering to their customers with benefits such as increased transaction speed and reduced fees. When it comes to security, Solaris Digital Assets' distributed approval process ensures that each transaction is separately approved by the end customer, and authenticated by Bitwala before it is validated by Solaris Digital Assets. This model brings additional security for both the end customer and for Bitwala by reducing the risk of a single point of failure. Bitwala will continue to offer a ‘self-custody’ wallet for advanced users who want to hold their private keys themselves.
"We have already been leveraging Solarisbank’s Banking-as-a-Service platform for over two years. Thus, the API-based custody service of Solaris Digital Assets was a natural choice to securely safeguard our customers’ digital assets, while still maintaining full ownership over our user experience. By integrating the custody solution, we can ease the onboarding for new customers and significantly enhance the speed of on-chain transactions."
To offer the cutting-edge custody solution and ensure highest security standards, Solaris Digital Assets chose to partner with infrastructure and custody technology provider Curv. Curv's decentralized security model utilizes multi-party computation (MPC) protocols, enabling transactions to be securely signed in a mathematically-proven, distributed way.
In Germany, companies holding digital assets for others require permission from the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin). Solaris Digital Assets GmbH has submitted an application for the crypto custody license to BaFin and currently operates under the provisional license for crypto custody.
More information about Solaris Digital Assets is available at www.solarisdigitalassets.com.
More information about Solarisbank is available at www.solarisbank.com.
About Solarisbank/ Solaris Digital Assets
Solarisbank is Europe's leading Banking-as-a-Service platform. As a technology company with a full German banking license, Solarisbank enables other companies to offer their own financial services. Via APIs, partners integrate Solarisbank's modular banking services directly into their own product offering. The platform offers digital bank accounts and payment cards, identification and lending services, digital asset custody as well as services provided by integrated third-party providers. To date, Solarisbank has raised more than EUR 160 million from a bluechip shareholder base.
In 2019 Solarisbank established the 100% subsidiary Solaris Digital Assets GmbH to further drive the adoption of digital assets. Solaris Digital Assets is led by Dr. Daniel Seifert and Alexis Hamel and offers an API-based custodial solution for digital assets, that can be seamlessly integrated into any product offering.
Bitwala offers the world's first banking experience combining fully protected German bank accounts with access to cryptocurrencies, digital assets and blockchain-based finance. Based in Berlin, Germany's second-largest challenger bank, now serves over 150.000 customers across 32 European countries. With Bitwala, customers can invest in cryptocurrency directly from a bank account and earn up to 4% annual return on Bitcoin. Bitwala empowers customers to benefit from new financial technology by being the bridge between the old and new financial system.
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Solarisbank AG is the first Banking-as-a-Service platform with a full banking license that enables companies to offer their own financial products. Through APIs, partners gain access to Solarisbank's modular services including digital bank accounts and payment cards, identification and lending services, as well as services provided by integrated third party providers. Through this, Solarisbank creates a highly developed technological banking ecosystem for fintechs and established digital companies, as well as banks and corporates.
After having established itself as the banking partner of choice for blockchain and crypto businesses, Solarisbank founded Solaris Digital Assets GmbH in 2019 to further drive the adoption of digital assets. The 100% subsidiary of Solarisbank offers a custodial solution for digital assets to complement its existing banking services.
The Berlin-based company was founded back in 2016 and is led by CEO Dr. Roland Folz, board members Jörg Diewald, Dr. Jörg Howein and Thom Rasser, as well as COO Dr. Daniel Seifert and CTO Hima Mandali. To date, Solarisbank has raised more than EUR 160 million from renowned investors, including ABN AMRO’s Digital Impact Fund, BBVA, finleap, HV Holtzbrinck Ventures, Lakestar, Samsung Catalyst Fund, SBI Group, Storm Ventures, Visa, Vulcan Capital, and yabeo.