A private Swiss bank Vontobel plans to establish its own cryptocurrency storage service dubbed ‘Digital Asset Vault.’ The Bank has been making Cryptocurrency related products since 2016 and now plans to expand their incorporation of crypto assets.
According to the bank’s investment banking head, Vontobel is the sole global bank that provides custody for digital assets. Switzerland has been the world’s leader in crypto implementation for the previous years and continues to retain the position by opening up markets to each innovation.
Entities in Swiss markets find it easier to seek investments both in the institutional and the private sector. However, Vontobel promises that the custody solution will be available not only to Swiss residents but to people across the globe making it the very first to do so. Bank official stated that the bank has been trying to expand the crypto sphere for the past two years and the move now is just another step in that direction.
The solution will be a result of the collaboration between the bank and Geneva’s startup Taurus: a firm which is known for providing crypto custody and storage. The bank will, therefore, operate a ‘digital asset vault.’
The move has stirred the finance world as big names from both the cryptosphere and the traditional banking world have decided to link the two worlds. Such moves will only increase as we already know that support for cryptocurrencies increased a lot in 2018 especially in the Alpine country.