German financial authority BaFin grants third permission to provide crypto custody services to Munich-based company Tangany
The Munich-based technology and financial services provider Tangany has received a license from the German Federal Financial Supervisory Authority (BaFin) on Oct. 1, 2021, as the third regulated service provider for the custody of digital assets in Germany to provide crypto custody business in accordance with § 1 Section 1a Sentence 2 №6 of the German Banking Act (KWG).
Tangany’s vision of combining market-leading and highly secure technology for the custody of digital assets with regulatory security is hereby confirmed by BaFin. Furthermore, Tangany plans to apply for further licenses in Germany and Europe in the future and has already received preliminary permission from BaFin to manage registers of crypto securities in accordance with § 65 Section 2 of the German Banking Act (KWG).
The Tangany GmbH is a B2B white-label crypto custodian regulated in Germany with its headquarter in Munich. Customers can use the Tangany Custody Suite to store digital assets such as Bitcoin, Ethereum, stablecoins, NFTs, and security tokens in warm wallet and cold wallet storage solutions. Developed in-house since 2018 at the highest technical level, Tangany Custody Suite combines top-notch digital asset custody technology with regulatory security through the granting of the crypto custody license by Bafin.
Over the past few years, Tangany has been regularly awarded for its leading wallet infrastructure. These include Tangany winning the Fintech Germany Award in 2020 (Seed Stage) and 2021 (Investment Technology) and receiving the title of “Best German Crypto Custodian 2021” from TiAM (Trends in Asset Management) magazine in the summer of 2021.
“We expect blockchain technology and digital assets such as Bitcoin, Ethereum as well as the tokenization of real assets also in connection with the newly introduced electronic securities to further develop strongly. Our goal is to support the new decentralized world with our underlying infrastructure (Custody Suite) as a B2B white-label provider, and thereby provide the traditional financial world with access to digital assets as well,” explains Julian Richter (Head of Sales and Business Development).
“We are incredibly proud to have reached our next milestone. As the third regulated service provider for the custody of digital assets in Germany, we have received the license to provide crypto custody services. The clear German regulatory framework for custody of digital assets will help us to achieve sustainable growth in the long run. With currently more than 30 B2B customers, including many regulated banks and financial service providers, and over 60,000 active wallets with 400 million euros of crypto assets in custody, we are proving our potential and demonstrating the growing demand in the market,” said Martin Kreitmair, CEO of Tangany.
About Tangany GmbH
The Tangany GmbH is a B2B white-label crypto custodian regulated in Germany according to Section § 1 (1a) Sentence 2 №6 of the German Banking Act (KWG) based in Munich. With Tangany Custody Suite, customers can store digital assets such as Bitcoin, Ethereum, Stablecoins, NFTs and Security Tokens in warm wallet and cold wallet storage solutions. Developed in-house since 2018 at the highest technical level, Tangany Custody Suite combines top-notch technology for custody of digital assets with regulatory security.
Tangany has been regularly awarded for its leading wallet infrastructure for the custody of digital assets in recent years. Tangany won the Fintech Germany Award in 2020 (Seed Stage) and 2021 (Investment Technology). Furthermore, Tangany received the preliminary permission according to § 65 (2) of the German Banking Act (KWG) by BaFin to manage the register of crypto securities.
Photo by Julius Silver on Pixabay
Read More: Ripple Announces $250 Million Creator Fund to Evolve NFT Utility
You Might also Like
Related Stories
