Vontobel, Switzerland’s major private investment bank has introduced a crypto custody solution aiming banks and asset managers, as mentioned by an official press release reported on Jan. 14.
Zurich-based Vontobel bank is supposedly the third biggest financial custody provider in Switzerland, with 110.3 billion CHF ($112.2 billion) in assets under its actively growing Asset Management tool, as per the company’s financial study in 2017.
With the release of the new digital assets custodian solution entitled Digital Asset Vault, the private bank appeals to be the first bank in the world to comply with standards needed by both industry regulatorsand financial intermediaries.
The new tool permits banks and asset managers to provide their clients with a number of crypto-based services comprising digital assets purchases, transfers, and storage.
As per the proclamation, Vontobel’s Digital Asset Vault functions just as in the traditional assets classes under the rules of the banking infrastructure, with customers attaining an alternative to their previous personal registrations, as well as a combined overview of traditional and digital assets.
In order to safeguard users’ digital assets, Vontobel merged Hardware Security Module (HSM) technology and its own banking infrastructure, the statement mentions.
As stated by Cointelegraph, Vontobel has earlier emerged as a pro-crypto bank, functioning as a lender to offer its clients with cryptocurrency investments. In 2017, local sources published that Vontobel’s Bitcoin (BTC) certificate was the most dealt product on Europe’s biggest stock exchange, SIX Swiss Exchange.
In late 2018, Switzerland’s financial regulator, the Financial Market Supervisory Authority, published strategies for their FinTech license, with crypto-based businesses and blockchain organizations apparently set to start implementing for the license commencing from 2019.