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Solarisbank Builds Its Regulated Crypto Custody Service With Brokerage & Trading API.
2021-02-25 | Big Bob
“We started with custody and now the subsequent step is that the brokerage API,” Julian Grigo, director at Solarisbank Digital Assets, added within an official interview. “Our B2B customers are going to be able to get a savings account, store crypto and with the brokerage API, they can swap or exchange their fiat money to Bitcoin [BTC] or other cryptocurrencies.”Custody is the initiative into crypto for giant regulated firms, that has been happening recently with the likes of BNY Mellon & Standard Chartered making announcements. Germany is one among the few places to offer a special cryptocurrency-related custody license via the financial regulator BaFin. This has driven a hotbed of innovation with firms like Solarisbank & custody provider Finoa leading the pack. There’s a robust pipeline for cryptocurrency services, added Grigo, pointing to non-crypto businesses tapping within the ecosystem of virtual assets.
“We are building the rails for the institutional or the retail investor,” he explained. “We see this within the United States with Square, or within the U.K. with Revolut. What’s happening globally is additionally happening in the German market, and that we definitely see this demand.”Thanks to in-depth collaboration with Luxembourg-based exchange Bitstamp, Solarisbank is touting “in custody” brokerage and instant settlement. U.K.-based BCB Group [that also works with Bitstamp] offers a similar instant settlement network with banking from ClearBank. This type of blockchain-permitted instantaneous swapping of crypto assets and fiat completely avoids the kinds of vagaries seen within the recent case of Robinhood and GameStop. “It’s quite depressing to ascertain some brokers within the cryptocurrency ecosystem copying and repeating this batched delivery of the important assets, just like the old T+2 delivery of the stock exchange into the crypto market,” Gigo added. “But the blockchain never sleeps, then we've instant settlement implemented within our platform.”
