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The Swiss private bank Vontobel is planning to offer custody services for cryptocurrencies in a management move described as "first" worldwide.
Vontobel creates "Digital Asset Vault"
In an interview with the local finance magazine Finews.ch, Vontobel, which has offered investment products linked to the cryptocurrency since 2016, has declared that it now wants to increase its integration.
"As far as I know, Vontobel is the only bank in the world that offers itself as a custodian of digital assets," said Investment Banking Director Roger Studer.
Switzerland continues to position itself as a leader in banking cryptocurrency, with multiple entities seeking to open the market to institutional and private investors.
However, Vontobel, says Studer, will be the first custody solution sponsored by the bank on the market, not only in Switzerland but in the world.
"… We decided two years ago to make available to our customers the new world of cryptocurrencies" He continued. "Our custody offer is a further step in this direction. "
Legacy finance accelerates to cryptographic resources
The move will take place through a partnership with the Geneva startup, Taurus, specialized in encrypted custody and storage. Finally, Vontobel will manage what it calls "Digital Asset Vault", a label synonymous with the physical bunker currently used in Switzerland by Xapo.
"The collaboration between Taurus and Vontobel is of great importance for the Swiss financial market because we are linking two worlds: the traditional banking and the cryptic one", the co-founder of Toro Lamine Brahimi continued to Finews.
Such as Bitcoinist reported, 2018 already saw more direct support for Bitcoin specifically from Swiss financial sources.
The computer consultancy company Inacta AG, a resident of the Crypto Valley community in the city of Zug, became one of the first users of Blockstream's liquid sidechain in December.
What do you think of Vontobel's cryptocurrency custody plans? Let us know in the comments below!
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