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Vontobel Bank announces Digital Asset Vault for crypto custody

Swiss customers will now have a new type of exposure to the crypto markets via Vontobel’s Digital Asset Vault solution.

Vontobel to offer crypto custody

Investment banking and asset management giant, Vontobel, announced a new digital asset custody option earlier this week in a news release. Vontobel’s Digital Asset Vault will allow Swiss banks and asset managers to utilize the banking framework and support for their customers’ digital asset purchasing and storage desires.

The desire for digital asset involvement has grown considerably over time, both on the customers’ side, and on the side of financial middlemen. Traditional custodianship regarding such asset security and services, however, has been lacking.

Vontobel’s new Digital Asset Vault was built using Hardware Security Module (HSM) technology and then meshed into Vontobel’s banking system.

“With the new Digital Asset Vault business solution, Vontobel is therefore the first bank in the world to offer industry-standard quality standards within the established and regulated environment,” the entity said in its news release.

Vontobel’s solution allows Swiss entities, like banks, for example, to offer clients asset custody, as well as purchase, sale or transfer options. The operation also provides simpler financial statement reporting.

According to a quote from the news release, Vontobel Investment Banking head Roger Studer explained the new product as a way of meeting the growing demands of new and changing times.

 [The] Digital Asset Vault is a logical evolution that extends our digital assets offering. With our innovative strength and experience, we have closed the existing gap between existing and digital assets. By incorporating our digital assets into our own banking infrastructure, we are also the first provider to meet the demanding requirements of financial intermediaries and their regulators.”

Interest from big players

Vontobel is one of many recent financial institutions that have shown interest in the crypto asset space. Just last fall, Crypto Insider reported on Fidelity’s cryptocurrency trading platform, released to combat bitcoin’s growing over-the-counter (OTC) trading interest, even amidst a lengthy crypto bear market.

Last October also saw Coinbase receive crypto asset custody approval from the hard-fisted state of New York.

Authorities, however, still have not approved the much-anticipated, elusive bitcoin exchange-traded fund (ETF), which will see its next ruling in February.

Intercontinental Exchange’s (ICE’s) Bakkt platform has also seen a further delay, past its expected January 24 launch date. Although Bakkt has continued development amidst such delays, even securing $182.5 million worth of investments.

The above is to be considered opinion and not investment advice in any way, as an unbiased media, no one interferes with the Editorial content of CryptoInsider.com, writers have freedom to choose their own direction, members of Crypto Insider do not participate in trades based on content.

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ETH: 0xDf4d2529D777a80717E85Ed2269830ad6265951B
LTC: LMT3LCbCSvActkVo4dgzbHjn1HPrCgKch2
BCH: 17sFsLgZq9jibtqi5Bo5SiUcCD4TG8RQwE

Benjamin Pirus
Benjamin Pirus
BJ is a full time writer, editor, and trader in the cryptocurrency space. He has written many professional articles for numerous ICOs, news sites, and other interested parties in the crypto space. He is also a trader, staying up to date with the crypto markets constantly, and dabbling in traditional financial market trading occasionally.


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