Dutch
Bank ING Said to Be Entering Cryptocurrency Custody Space
Reuters has reported Dutch bank
ING has been working on technology to help its clients safely store
cryptocurrencies, citing “people familiar with the matter.” The report claims
the crypto custody project is being run out of Amsterdam and is still in its
early days.
Speaking to Reuters an ING
spokesperson stated the financial institution sees “increase opportunities
with regard to digital assets on both asset backed and native security
tokens.” The bank added that it’s particularly interested in the technology
behind cryptocurrencies, and in giving its clients a compliant way to access
the nascent industry.
Various traditional financial
firms have been entering the cryptocurrency space over the last few months.
Fidelity, for example, has launched its Fidelity Digital Assets unit to provide
cryptocurrency custody and trading services to institutional investors, while
Japanese bank Nomura announced last year it was to set
up a venture called Komainu to offer the same type of services.
Reuters pointed out, however,
that a study it conducted of over 33 projects involving large companies that
announced over the past four years they would be exploring blockchain
technology showed most haven’t yet moved past their testing phase.
