Swiss Vontobel Financial institution to Supply Cryptocurrency Custody in International ‘First’
Swiss non-public financial institution Vontobel is planning to supply custody companies for cryptocurrencies in a transfer executives described as a worldwide “first.”
Vontobel To Create ‘Digital Asset Vault’
In an interview with native finance journal Finews.ch, Vontobel, which has supplied cryptocurrency-related funding merchandise since 2016, mentioned it now needed to extend its integration.
“So far as I do know, Vontobel is the one financial institution globally to supply itself as a custodian for digital belongings,” funding banking head Roger Studer advised the publication.
Switzerland continues to place itself as a pacesetter in banking attitudes to cryptocurrency, with a number of entities in search of to open up the market to institutional and personal traders.
Nonetheless, Vontobel, Studer says, would be the first bank-sponsored custody answer to market, not simply in Switzerland however on the earth.
“…We determined two years in the past to make the brand new crypto funding world out there to our purchasers,” he continued. “Our custody providing is an extra step on this path.”
Legacy Finance Sidles Up To Crypto Property
The transfer will come by way of a partnership with Geneva-based startup Taurus, which focuses on crypto custody and storage. Vontobel will in the end function what it calls a “Digital Asset Vault,” a label synonymous with the bodily bunker at the moment operated in Switzerland by Xapo.
“The cooperation between Taurus and Vontobel is of excessive significance for the Swiss monetary market as a result of we’re linking up two worlds: conventional banking and crypto finance,” Taurus co-founder Lamine Brahimi continued to Finews.
As Bitcoinist reported, 2018 already noticed extra direct assist for Bitcoin particularly from Swiss monetary sources.
IT consulting agency Inacta AG, one resident of the nation’s Crypto Valley group within the metropolis of Zug, grew to become one of many first customers of Blockstream’s Liquid sidechain in December.
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