Major Swiss private bank Vontobel has announced it now offers a full end-to-end custody service for digital assets called “Digital Asset Vault”, according to its official press release on January 14.
With this service, Vontobel’s institutional investors, such as banks and asset managers, can offer their clients digital asset management solutions without needing to invest in relevant infrastructure themselves. Clients can, for example, buy, sell or transfer their digital assets by simply issuing instructions to their regular bank.
Vontobel claims its Digital Asset Vault makes it “the first bank in the world to offer the usual industry standards of quality within the established and regulated environment”. Finews says the family-controlled firm has made digital assets “bankable.”
Invest in Blockchain reports that Digital Asset Vault was made possible by Vontobel’s collaboration with Taurus, a Geneva-based startup specializing in crypto custody and storage. Vontobel is also combining its traditional banking security features with hardware security module (HSM) technology to protect the digital assets of its clients.
Vontobel has already been part of the cryptocurrency market since 2016. It offers cryptocurrency-related investment products such as Bitcoin-based certificates.
“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,” Taurus co-founder Lamine Brahimi told Finews.
Besides Digital Asset Vault, there are various cryptocurrency custody solutions coming to the market in the near future. For instance, State Street and Goldman Sachs are both very keen on the idea. In addition to these latent crypto custody solutions, similar services have been launched by companies that are not traditional banks, such as Coinbase.