After receiving the BaFin license, Coinbase enters into a partnership with Berlin-based Solarisbank to comply with KYC standards.
Berlin-based Solarisbank has landed a big fish from the crypto ocean. In a press release, the banking-as-a-service platform announced a cooperation with Coinbase Germany. The German offshoot of the largest US crypto exchange has been officially allowed to offer cryptocurrencies for trading and safekeeping in Germany since the end of June – all under the watchful eye of BaFin.
In order to meet the authority’s customer identification standards, Coinbase now selected Solarisbank’s KYC platform. Until now, video calls have often been used for identity verification. However, these require additional staff and are cumbersome to scale. With the identification solution developed by the capital start-up, this personal interaction with an agent becomes obsolete. At the same time, the process is completely digital and available around the clock, according to the company. The concept has also convinced Coinbase. Commenting on the partnership, Country Manager Sascha Rangoonwala says:
The expertise in compliance and the highly efficient KYC platform convinced us to choose Solarisbank as a partner. Through a single API, we were able to integrate various services in a very short time and can now offer a flexible onboarding experience to our customers in Germany.
Sascha Rangoonwala, Coinbase Country Manager Germany
Coinbase deal is a huge coup
For the Berlin-based tech company with a banking license, the partnership is a real coup. Accordingly, the joy is great:
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 the preferred partner for customer identification. By integrating our fully digital KYC platform, we enable paperless, fast and automated onboarding, meeting Coinbase’s high standards for a frictionless customer experience.
Delia König, Managing Director Identity at Solarisbank
The fact that Solarisbank could soon be in for further partnerships is the result of a small inquiry by the FDP parliamentary group in the German Bundestag. In mid-August, they wanted to know from the Federal Ministry of Finance whether Coinbase had been given preferential treatment in the licensing process. The BMF defended itself against the accusations and admitted that BaFin was about to issue further crypto licenses. It is not known which specific companies are involved. What is clear, however, is that the aspirants, just like Coinbase, dKYC requirements of the authorities. In this respect, Solarisbank should certainly also be considered as a possible partner.