Neo Bank Solarisbank Doubles Down on Crypto With Bitwala Partnership

Key Takeaways

  • Solarisbank is partnering with Bitwala, giving users of its Solaris Digital Assets service direct access to cryptocurrencies.
  • The service will provide a crypto wallet, and customers will have the option to hold or consign private keys.
  • The launch is slated for January 2021.

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Solarisbank is one of Europe’s biggest “neo banks.” While the company has had a close relationship with Bitwala for a few years now, today’s latest announcement points to increasing momentum and wider adoption within the cryptocurrency space. 

Solarisbank Adds Bitcoin and Ethereum

Launching via the bank’s Solaris Digital Assets service in January 2021, the partnership will give users easy access to a range of cryptocurrencies through a mobile wallet. In a statement announcing the move, Solaris Digital Assets Managing Director Alexis Hamel said: 

“Bitwala is an international crypto banking pioneer and we are excited to deepen our successful and innovative partnership by this significant component. Not only does this enable us to offer Bitwala’s customers a custody solution that is unparalleled in terms of ease of use and security, but also to open up new avenues for additional features such as instant crypto transfers.”

Bitwala is one of Germany’s leading crypto banking services; its mobile banking app enables trading and earning interest with decentralized digital currencies. 

Solarisbank has confirmed that Bitwala customers based in Europe will be able to get exposure to Bitcoin and Ethereum via Solaris Digital Assets. It’s not yet clear if any other crypto tokens will be added.

The company is also offering to manage its users’ private keys, though an alternative wallet will also be available for those who want to maintain self-custody. 

Private keys are a form of cryptographic code that helps keep cryptocurrency addresses secure, and they can sometimes be a point of contention. While certain services offer to look after private keys for their users, crypto advocates like Andreas Antonopoulos are known for preaching the “not your keys, not your coins” mantra. 

New Bitwala customers will now automatically be provided with a crypto wallet in-app as part of the move. Solaris Digital Assets states that the benefits will include “increased transaction speed and reduced fees.” 

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