Bitwala relies on Solarisbank for crypto-custody of Bitcoin and Co.
The German crypto-bank Bitwala will store Bitcoin and Ether assets of its customers on the Solaris Digital Assets platform of Solarisbank.
The German crypto-bank Bitwala has chosen Solaris Digital Assets for the safekeeping of crypto-currencies in Bitcoin and Ether of its customers, according to a Solarisbank press release dated November 17.
Solaris Digital Assets is a wholly-owned subsidiary of Solarisbank AG, which provides crypto services to the parent company and its partner companies.
Crypto Custody for Bitwala Customers
The new joint service from Bitwala and Solaris Digital Assets is scheduled to be available in January 2021. Regarding future cooperation with Bitwala, Solarisbank writes
„In the new crypto-wallet setup, the so-called „private keys“ of Bitwala customers who provide access to the digital assets on the block chain will be 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 in the future. The Bitwala app will provide a crypto-wallet that 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 will be separately approved by the end customer and authenticated by Bitwala before being validated by Solaris Digital Assets. The risk of a so-called „Single Point of Failure“ can be reduced.
New legal situation for cryptosafety as a basis
Solaris Digital Assets was not launched until late 2019 to take advantage of the new legal situation. Since 01.01.2020, crypto-custody transactions require a permission from BaFin. With a decision on November 14th, the German Bundestag decided to make crypto assets an official financial instrument with corresponding regulation in Germany.
Together with Solarisbank, Bitwala has been offering an online current account with built-in trading function for crypto currencies since December 2018. In 2019, the crypto-bank launched its own smartphone app for Bitcoin banking on iOS and Android.