In June, Coinbase Germany became the first company to be issued a licence for crypto custody and trading by BaFin.
Coinbase (NASDAQ: COIN) has tied up with Solarisbank, a fintech owning a German banking license, for its fully digital KYC platform to enable customer identification in Germany. The German Federal Financial Supervisory Authority (BaFin) awarded Coinbase Germany a licence for crypto custody and trading in June. (Nasdaq)
The crypto exchange is now providing retail customers and institutional clients with secure, easy, and regulated access to the crypto economy.
Solarisbank, a fintech and a leading banking-as-a-service platform, offers a KYC solution that is compliant with anti-money laundering laws and customizable as per a customer’s requirements.
Solarisbank’s Bankident solution is available round the clock and fully digital, requires no physical interaction, and is an unlimited scalable identification process that is AML compliant.
“The expertise in the area of compliance and the highly efficient KYC platform convinced us to choose Solarisbank as our partner,” said Sascha Rangoonwala, Coinbase’s Country Manager for Germany. “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.”
“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,” said Delia König, Managing Director Identity of Solarisbank.
Coinbase is the first crypto exchange to onboard Solarisbank’s KYC platform.
Coinbase in Japan
Last week, Coinbase announced the launch of digital assets trading in Japan, a country that was among the first off the block to embrace cryptos.
A Coinbase subsidiary was cleared in June by Japanese regulator Financial Services Agency (FSA) to function as a crypto exchange service provider.
Coinbase tied up with Mitsubishi UFJ Financial Group (NYSE: MUFG), the Japanese bank holding and financial services company that serves 40 million Japanese customers.
Related Story: Coinbase Launches In Japan; Ties Up With Mitsubishi UFJ