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Dutch bank ING developing digital assets custody

By Yana Berman

The bank is designing a solution to store digital assets safely

Dutch bank ING is believed to be developing a facility for digital assets custody in its branch in Amsterdam. Sources told Reuters that the design of the solution is still in its early days.

ING confimed that it is working on solutions to safely store asset-backed and native security tokens. The main goal is to provide the clients with an easy way to access the growing crypto sector.

Other financial institutions across the world are now working on their own custody solutions to be in step with the pace of crypto innovation.

For instance, Swiss bank Vontobel is working on a platform called Digital Asset Vault, aimed at providing clear guidance for its clients on how to buy and safely store digital assets.

Meanwhile, Germany's second-largest stock exchange Börse Stuttgart launched a crypto app called Bison that supports Bitcoin, Etheruem, Ripple, and Litecoin. The app claims to offer free-of-charge crypto trading and safe custody of the assets.

American financial services company Fidelity also launched its own crypto custody this October.

Moreover, major crypto companies, such as US crypto exchange Coinbase, operate custody for their clients. Coinbase recently acquired Xapo's institutional business, thus becoming one of the world's largest crypto custodians.

However, there are still few fully functional solutions available. A review prepared by Reuters shows that of more than 33 crypto projects that involved major companies just a few have gone further than a testing phase.

FURTHER READING: Banks in China analysis: are smaller lenders about to collapse?

FURTHER READING: European banks need ‘drastic’ reform in face of threat from US rivals

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