Storing or if we may say maintaining of cryptocurrency has never been an easy job, let it be in cold storages or in crypto wallets. It has been a challenge for crypto owners to store their hard-earned digital money safely anywhere.
Vontobel Asset Management AG, a Swiss-based banking company with headquarters in Zurich, Switzerland has now started offering “Digital Asset Vault” services to its customers to safely store their digital currency. The company is offering cryptocurrency-related investment products since-2016 and Roger Studer, investment banking head of Vontoble bankinf said to local finance magazine Finews.ch that,
“As far as I know, Vontobel is the only bank globally to offer itself as a custodian for digital assets,”
He continued saying,
” We decided two years ago to make the new crypto investment world available to our clients. Our custody offering is a further step in this direction, “
According to a financial report published in 2016, The 1924 established company is one the largest financial custody provider in Switzerland, with 110.3 billion CHF ($112.2 billion) in assets under its actively developing Asset Management tool. The recently launched digital assets custodian solution named Digital Asset Vault has made Vontobel the first bank to launch a product like this, which meets both, the industry and other financial intermediary standards.
The technology to provide this service is provided by a Geneva-based startup called, Taurus. The company specialises in providing highly secure digital asset storage solution developed for exchanges, banks, and asset managers. When questioned in an interview with Finews about the newly developed system, Lamine Brahmini, co-founder and managing partner of Taurus has this to say,
“The cooperation between Taurus and Vontobel is of high importance for the Swiss financial market, because we are linking up two worlds: traditional banking and crypto finance, “
This will empower the bank’s clients to perform various number of tasks such as digital assets purchases, transfers and storage. To up the security features of the new service, they have used the Hardware Security Module (HSM) technology along with their existing banking infrastructure
Taurus’s managing partner and co-founder Lamine Brahimi said that they have already signed deals with many other banks and investment firms to outsource the technology and Vontobels advantage will soon evaporate.
This kind of developments and interest from big financial institutions to explore and offer new kinds of services to thier crypto clients shows a sign of positivity and growth in the crypto world.