Coinbase deploys Solarisbank to streamline onboarding in Germany
US cryptocurrency platform Coinbase has deployed a know your customer (KYC) solution from Banking-as-a-Service provider Solarisbank.
The vendor is providing a “multitude of digital identification service components” via an API for Coinbase’s German operations. Coinbase is also using the firm’s Bankident solution.
The Bankident solution revolves around cutting out face-to-face interaction through a “digital onboarding experience”. It initiates a microtransaction with a customer’s bank to verify their identity.
Coinbase has made inroads into the retail banking market, signing partnership deals with banks and providing its own debit card.
The card is issued by South Dakota-based MetaBank, pursuant to a licence from Visa.
Coinbase hit a valuation of $99.6 billion when it made its IPO debut in April 2021. Shares debuted at $381, a 52.4% increase on the $250 reference.
Shares closed below $330, up 32% on the day. At the time of writing, Coinbase’s share price sits at $256.77.
“Coinbase is a driving force in the crypto industry and a role model for customer-centric product development,” says Delia König, managing director for identity at Solarisbank.
She adds Solarisbank can meet Coinbase’s “high standards” for frictionless customer experience and enable “paper-free, fast, and automated onboarding”.