Swiss Multi-Billion Dollar Bank Vontobel Launches Regulated Crypto Custody - BITCOIN NET MAGZ

Swiss Multi-Billion Dollar Bank Vontobel Launches Regulated Crypto Custody

- 20.08

Switzerland's major private investment lender Vontobel has launched a crypto custody solution targeting banks and asset managers, based on a official press release published on Jan. 14.

Zurich-established Vontobel bank is reportedly the third largest financial custody provider in Switzerland, together with 110.3 billion CHF ($112.2 billion) in assets under its actively growing Asset Management tool, according to the provider's financial report in 2017.

With the launch of the new electronic assets custodian alternative called Digital Asset Vault, the personal lender claims to be the first bank in the world to comply with standards required by both industry regulators and financial intermediaries.

The new tool makes it possible for banks and asset managers to provide their customers a number of crypto-related services including electronic assets purchases, storage and transfers.

According to the statement, Vontobel's Digital Asset Vault functions as from the conventional assets categories under the principles of their banking infrastructure, together with clients obtaining an alternative to their previous personal registrations, as well as a consolidated summary of traditional and digital assets.

In order to safeguard users' electronic assets, Vontobel mixed Hardware Security Module (HSM) technologies and its banking infrastructure,'' the announcement says.

As reported from Cointelegraph, Vontobel has previously emerged as a pro-crypto bank, operating as a creditor to supply its clients with all cryptocurrency investments. In 2017, local resources reported the Vontobel's Bitcoin (BTC) certification was the most traded product in the Europe's largest stock market, SIX Swiss Exchange.

In overdue 2018, Switzerland's financial regulator, the Financial Market Supervisory Authority, issuedguidelines due to their FinTech permit, together with crypto-related businesses and blockchain companies reportedly set to start applying for the license beginning from 2019.

 

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