s major private has launched a custody solution targeting banks and , according to an official published on Jan. 14.
-based Vontobel bank is reportedly the third largest financial custody provider in Switzerland, with 110.3 billion ($112.2 billion) in assets under its actively developing Asset Management tool, according to the company’s in 2017.
With the launch of the new custodian solution named Digital Asset Vault, the private bank claims to be the first bank in the world to comply with standards required by both industry and financial intermediaries.
The new tool allows banks and asset managers to offer their clients a number of crypto-related services including digital assets purchases, transfers and storage.
According to the announcement, Vontobel’s Digital Asset Vault operates just as in the traditional assets classes under the rules of the banking infrastructure, with customers acquiring an alternative to their previous personal registrations, as well as a consolidated overview of traditional and digital assets.
In order to protect users’ digital assets, Vontobel combined Hardware Security Module (HSM) technology and its own banking infrastructure, the statement says.
As by Cointelegraph, Vontobel has previously emerged as a pro-crypto bank, operating as a lender to provide its clients with cryptocurrency investments. In 2017, local sources that Vontobel’s bitcoin BTC () was the most traded product on the ’s largest stock exchange, SIX Swiss Exchange.
In late 2018, Switzerland’s financial regulator, the Financial Market Supervisory Authority , guidelines for their FinTech license, with crypto-related businesses and firms reportedly set to start applying for the license starting from 2019.
Published at Mon, 14 Jan 2019 12:13:00 +0000
