Banking Giant ING is Developing Tech for Crypto Asset Custody

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Dutch bank ING, which currently holds a total asset of $980 billion, is allegedly working on developing technology that will allow its users to store their digital assets like crypto money securely, Reuters reports on Thursday linking sources familiar with the subject.

The firm told Reuters that they see growing opportunities surrounding digital resources, both asset-backed and native tokens. ING also noted that they are devoting particular focus on further developing the technology to provide clients with an amenable way to access this emerging sector.

Meanwhile, Reuters’ sources assumed that the custody project is being operated out of Amsterdam but is still in its premature progress. The bank also has supplementary blockchain initiatives working on privacy tech termed “bulletproof” to secrete client information, as per reports say.

Interestingly, ING recently appealed that cash is still in its monarch and that cryptocurrencies need to be proven expedient and relevant for it to catch on stressing that technical enhancements are necessary for digital currencies to become mainstream. 

More customary financial businesses are entering into cryptocurrency world–as it is continually being recognized as an asset class, convincing several firms to develop their own crypto services.

Notably, Fidelity launched Fidelity Digital Assets to offer cryptocurrency supervision and tradeoffs to influential investors and just this November, it established consent from the New York Department of Financial Services to serve clients based in the region. So did Bakkt, which is the International Exchange’s Bitcoin subsidiary. While solarisBank announced on Dec. 11 the establishment of its subsidiary Solaris Digital Assets.

With all these, an innovator previously wrote on Blockchain zoo the significant factors why investors want custodial services, which are minimizing risk and administrative compliance.

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