The German crypto bank Bitwala will store its customers‘ Bitcoin and Ether balances on the Solaris Digital Assets platform of Solarisbank.
The German crypto Bank Bitwala has for the custody of crypto currencies in Profit Secret and ether decided their clients for Solaris digital assets, a release of Solaris Bank of 17 November.
Solaris Digital Assets is a 100% subsidiary of Solarisbank AG, which offers crypto services for the parent company and its partner companies.
Crypto custody for Bitwala customers
The new joint service from Bitwala and Solaris Digital Assets is expected to be available from January 2021. On the future cooperation with Bitwala, Solarisbank writes:
„In the new crypto wallet setup, the so-called“ private keys „of Bitwala customers, who grant access to the digital assets on the blockchain, are generated and managed by Solaris Digital Assets in their secure infrastructure.“
Bitwala customers will no longer have to worry about creating their own wallet themselves . A crypto wallet will be provided via the Bitwala app, which stores tokens directly in the Solaris Digital Assets custody solution. Experienced customers will also be able to use their own „self-custody“ wallet in the future.
Solarisbank emphasizes the security of the new approach. Each transaction is approved separately by the end customer and authenticated by Bitwala before it is validated by Solaris Digital Assets. The risk of a so-called “single point of failure” can be reduced.
New legal situation for crypto custody as a basis
Solaris Digital Assets was only launched at the end of 2019 in order to benefit from the new legal situation. Since 01.01.2020, crypto custody transactions require a permit from BaFin . With a decision on November 14, the German Bundestag decided to make crypto values in Germany an official financial instrument with corresponding regulation .
Bitwala, together with the Solaris bank , since December 2018 online checking account with built-trade function for crypto currencies on. In 2019 , the crypto bank launched its own smartphone app for Bitcoin banking on iOS and Android.