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.

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.