Germany is known for doing some pretty cool things... I mean, you know, after the 1940's.
I'm talking about successful banks, Bavarian cream, making pleasant words sound abrupt. It's hard to beat, really.
This article is about one cool thing I read on Coinspace: Banks can store digital assets and transfer them. Oh yeah!
Next step; custody. And, since that can mean other stuff, not talking about incarceration, 'cuz that's not cool.
Solarisbank is among firms taking the lead in offering the services through a subsidiary. Solarisbank will offer the services under the Solaris Digital Asset subsidiary.
To offer the crypto custody services, the Solaris Digital Assets will be working closely with the Federal Financial Supervisory Authority. The entity seeks to be in good books with the regulator.
According to Michael Offermann from the Solarisbank’s Blockchain Factory, before offering the services, they will apply for the new Bafin license in 2020.
Solarisbank is playing the smart game, and it's probably why German and Belgian economies are performing better than many other European entities; make smart financial plays, reap the benefits. In this instance, the short term vision would be to get the license and become the platform individuals and institutions used for their digital custody and transfers. But, the smart play is to white label their solution, again once they secure a license, and let others on-board the technology they provide via an API.
Many people may not know, but the data and programming to transfer blockchain-based money is not nearly as complex as other aspects of coin projects. Running this kind of tech via API is easy, and open source weekend warrior amateur coders create bot apps that do this with zero code bugs. So, again, the game is being the first one in a sector to offer the service, and make it to where others can onboard without wasting their time doing the same thing. Without that model, we'd have something better than Windows and Mac to choose from... wait... naw Linux is just a little late to the game.
Offermann believes that cryptocurrencies will have a significant impact on the entire financial market. The bank chose to offer custody using the subsidiary instead of the Soalrisbank directly as a means of keeping safe in case laws in Germany change again.
Solarisbank Success
Solarisbak has been in existence for three years with revenues standing at €7.4 million in 2018. The institution's success can be attributed to the growth of the cryptocurrency banking sector.
Read the source article for more deets and thanks for reading!
Gordon Freeman Out.
