Switzerland-based investment bank Vontobel announced today that it is launching a custody solution with a digital asset vault service for its customers.

Per the announcement, this will allow financial intermediaries such as banks and asset managers to offer their customers a more secure and easy way to buy, hold and transfer their digital assets, within an unprecedented infrastructural standard. The product features Hardware Security Module (HSM) technology embedded in the bank’s infrastructure.

One of the largest financial custody providers in Switzerland, the bank touts the new Digital Asset Vault business solution as the first in the world offering “industry-standard quality standards within the established and regulated environment”. Some of the perks include granting owners of the digital asset direct access to holdings with exclusive privilege to their private keys.

Custody solutions are currently being explored by many financial institutions, where an emerging client base built on the economy of digital assets will have a flexible channel to securely manage their holdings. Head of Vontobel Investment Banking Roger Studer said, “Digital Asset Vault is a logical evolution.”

Choi Kyung-pil, Director of the Center for Future Finance Research at the Korea Institute of Finance has also said that “traditional assets are in danger too, and the custody market is in place”.

With the expected influx of institutional investments, the need for such integrated services becomes ever necessary, with security being the most essential requisite.

Other key figures in the crypto industry such as Coinbase and BitGo have also ventured into the custodial business, aiming at servicing sophisticated investors.

Switzerland continues to shape its blockchain and digital asset industry to become one of the most conducive environments for its development. Its most recent activity includes adapting its existing laws to accommodate blockchain. Moreover, newly-elected president Ueli Maurer, who has been supportive of the development of the industry while being finance minister, has filled crypto adopters in the country with hopes of more positive outcomes.

 

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