German Fintechs Rush to Offer Crypto Custody Services Under New Law

Fintech companies in the Federal Republic are quickly moving to develop and offer custodial solutions for digital assets under the new German legislation that will allow banks to store, transfer and trade cryptocurrencies next year. Berlin-based Solarisbank has established a subsidiary that will focus exclusively on the niche. The new entity and another German startup, Finoa from Potsdam, are planning to apply for new crypto custody licenses.

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Solaris Digital Assets to Apply for Bafin License

As an important partner of crypto companies in Germany and Europe, Solarisbank aims to be among the first financial institutions in the Federal Republic to start keeping cryptocurrencies. The tech company maintains a digital banking platform to which other businesses can connect and use its API to build and offer their own financial products and services. It obtained a German banking license in 2016 which allows it…