According to an announcement published on 25 August, Solarisbank will be providing KYC services to Coinbase as it expands to the European market. Solarisbank is Europe’s leading banking-as-a-service platform, providing a multitude of digital identification components to its customers via RESTful APIs.
Solarisbank’s platform is fully compliant with anti-money laundering laws in Germany and can be adapted to the specific needs of a company. While the go-to method for KYC in Germany is video identification, where users talk to agents through video calls, Solarisbank also offers “Bankindent,” a KYC solution that doesn’t require face-to-face interaction with a physical agent.
Aside from the regular video chat identification, Coinbase will also leverage Solarisbank’s Bankindent solution to provide its customers in Germany with a more efficient way to KYC. Sascha Rangoonwala, Coinbase’s Country Manager for Germany, said that expertise in the area of compliance and the highly efficient KYC platform convinced the company to choose Solarisbank as a 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,” he said in the press release.
Delia König, Solarisbank’s Managing Director for Identity, said that the bank’s fully digital KYC platform will meet Coinbase’s high standards for a frictionless customer experience. Coinbase recently became the first company to receive a crypto custody license from Germany’s Financial Supervisory Authority (BaFin), while Solarisbank holds a banking license in the country. The bank also has a crypto custody license pending.