ING is looking to service investors by acting towards ‘digital assets.’ The Dutch multinational bank is working on developing products around custody arrangements for digital assets. The project is being operated out of its headquarters in Amsterdam.
According to the report, the bank
“sees increasing opportunities with regard to digital assets on both asset-backed and native security tokens,”
While the names of the assets or their inclusion with the cryptocurrency markets were not mentioned. It is likely that they include Bitcoin and other digital securities into the mix. The source claims that,
ING is particularly focused on developing the technology behind digital assets to give its clients a compliant way to access the emerging sector
Moreover, the guess that the digital assets custody service will include some of the current cryptocurrencies is not far fetched. In 2019, the financial industry saw tremendous growth in institutional custody of Bitcoin beginning with Bitcoin Custody on Fidelity.
German SolarisBank working towards a 360-degree custody platform
More recently, another European Visa-backed Fintech firm, SolarisBank set up Solaris Digital Assets. The German financial services firm has backing from Spanish Giant BBVA and Visa in this project. The unit will provide custody for cryptocurrencies and other digital assets.
The firm has engaged with digital asset technology development since 2018. According to the press release by the firm, Solaris has aided the “first regulated security token offering (STO) in Germany” along with helping one of its largest banking entities, ‘Börse Stuttgart with the launch of Börse Stuttgart Digital Exchange.’
According to the firm development of secure custody arrangements would make them a 360-degree platform for banks, Fintechs, STO platforms, and crypto exchanges. It could also be extended to other applications leveraging storage of digital assets.
When do you think the financial services firm will begin servicing retail customers with these products? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com