Coinbase selects Solarisbank’s KYC platform 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.”
Coinbase has deployed Solarisbank’s KYC platform to compliantly identify customers in Germany.
The exchange, which is one of the world’s largest cryptocurrency platforms, has entered the market to provide retail customers and institutional clients with secure, easy, and regulated access to the crypto economy.
That requires reliable regtech solutions which could be found in Solarisbank. The platform provides a multitude of digital identification service components via RESTful APIs.
Fully compliant with anti-money laundering laws, the KYC platform can be adapted to the specific needs of a company and uses a variety of methods, including video identification.
In addition to Solarisbank’s KYC platform, Coinbase also leverages the firm’s Bankident solution to enable a faster and unlimited scalable identification process while still being fully compliant with German money laundering regulations.
Bankident does not require any face-to-face interaction with a physical agent. It’s fully digital and available around the clock, allowing customers to identify themselves wherever they are.
Sascha Rangoonwala, Coinbase’s Country Manager for Germany, said: “The expertise in the area of compliance and the highly efficient KYC platform convinced us to choose Solarisbank as our 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.”
Delia König, Managing Director Identity of Solarisbank, added: 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 trusted partner for customer identification. 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.”
Coinbase has recently gone public in New York, which provided the firm with more funds to acquire companies and expand its footprint across the globe.
The exchange operator has recently acquired Zabo’s data aggregation service to further bring cryptocurrency mainstream. Zabo was launched Zabo in 2018 to offer new tools that could facilitate the adoption and massification of the new asset class.
Mergers and acquisitions are typically part of a growth stock’s expansion strategy. Coinbase has also acquired trade execution startup Routefire, prime brokerage Tagomi, and data provider Skew.
Coinbase has also tied up with MUFG as it launches its digital asset exchange in Japan. MUFG will be providing payment services for the exchange and facilitate access to crypto trading through MUFG accounts.
The exchange had received regulatory approval from the Japanese regulator earlier in the year which had clearly indicated its intention to launch the exchange in Japan.