- ING, a Dutch based multinational bank, is reportedly developing a technology which will provide custody to cryptocurrencies.
Netherlands-based ING is working towards developing a crypto custody which will allow clients to safely store and secure their digital assets. In a report by Reuters, a group of developers are working on this technology in Amsterdam, despite the technology being in its early stages. The project comes as established financial companies look into offering custody and other services for digital assets.
The crypto custody is one of the many ways in which the bank is pursuing Blockchain technology. In the past, ING had revealed that they were working on a privacy project “Bulletproof” to secure their client’s data. In addition, ING is working towards a blockchain platform which allows trade financing for which it also had a five year consortium deal with a Dutch bank.
ING, in a statement said,
“ING sees increasing opportunities with regard to digital assets on both asset backed and native security tokens. ING is particularly focused on developing the technology behind digital assets to give its clients a compliant way to access the emerging sector”
Many renowned financial institutions had also expressed their interest in working towards crypto custody. As previously reported by Bitcoinnews.com, entities such as Bakkt, Coinbase etc. have either tested custody, or offered to do so. This becomes particularly significant considering many financial institutions are looking forward to a conversion of traditional investment bonds to digital assets.
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