Coinbase was recently awarded a crypto custody license by BaFIN. Credit: Gerd Altmann from Pixabay.

Cryptocurrency exchange Coinbase has partnered with banking-as-a-service (BaaS) platform Solarisbank for KYC services in Germany.

Solarisbank’s KYC platform is compliant with anti-money laundering laws and can be customised as per the client’s requirement.

Its digital identification services are provided via RESTful APIs and Coinbase leverages its Bankident solution.

Solarisbank added that the fully digital Bankident removes the need for face-to-face interaction with a physical agent and allows the customers to identify themselves wherever they are.

The partnership comes shortly after the crypto exchange was awarded a crypto custody license by the country’s financial regulatory authority BaFIN.

The license enables Coinbase to offer retail customers and institutional clients regulated access to the crypto economy.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Retail Banker International.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Notably, Solarisbank, which has a banking licence in Germany, has a crypto custody license application pending with BaFIN.

Solarisbank managing director identity Delia König said: “Coinbase is a driving force in the crypto industry and a role model for customer-centric product development. We are incredibly proud to have been selected as a trusted partner for customer identification. By integrating our fully digital KYC platform, we enable paper-free, fast, and automated onboarding, meeting Coinbase’s high standards for a frictionless customer experience.”

Coinbase country manager for Germany Sascha Rangoonwala said: “The expertise in the area of compliance and the highly efficient KYC platform convinced us to choose Solarisbank as our partner.

“Through a single API, we were able to integrate different services in a very short time and can now offer a flexible onboarding experience to our customers in Germany.”

Last month, Solarisbank raised $224m (€190m) in an oversubscribed Series D funding round, which valued the firm at €1.4bn.