PRESS RELEASE: Swiss Bank Vontobel is Set to Offer Custodian Services for Crypto Assets

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Since their introduction into the global scene, cryptos have lived to their expectation of transforming the global financial industry. Over the years, many developments have been accomplished. Among the list now is the ability to bank cryptocurrencies. Vontobel, a Zurich-based Swiss Bank, is set to offer custodian services for digital assets.

It is a first for Switzerland and the larger world’s financial industry. The bank is poised to offer institutional clients crypto depository services. Reports reveal that the bank is depending on a Geneva-based fintech to do that. The family-managed firm is about the transform the digital world by making digital assets bankable.

Crypto assets managers, fund managers, and banks can now deposit their coins and every other crypto asset with Vontobel bank.

The Absent Link

The move is a major development for Switzerland that has enthusiastically supported crypto business. But, Swiss banks have declined to build a money bridge linking institutional investors to secure liquidity that cryptocurrency providers have been waiting for. Falcon Private Bank has focused its primary strategies on cryptos. However, the Abu Dhabi-based wealth manager is yet to provide custody services for external managers.

Banks have smothered the wider crypto products investment industry, particularly in Switzerland, by taking them away from fund offerings. This move starved many crypto providers of any viable access to an established banking structure.

A Global Leader

Vontobel confirmed that they began marketing crypto custody services on January 14, 2019. Roger Studer, the investment banking boss, thinks that Vontobel is the only bank in the world that offers custodian services for digital assets. Banks have so far stated technology, regulatory, and reputation as the primary reasons for not indulging into the crypto business.

Vontobel, an issuer of structured products like warrants, ranked among the pioneers to issue bitcoin-based certificates.

The Integrated Platform

Taurus, a Geneva-based startup, is providing Vontobel with the Digital Asset Vault. The startup specializes in crypto-trading and –investments and storage of cryptocurrencies. The firm created a platform that is in conformation with all regulatory requirements. The platform also integrates excellently into the current IT bank platforms. The Vontobel and Taurus cooperation links up two worlds in the Swiss financial market.

The Outlook

Vontobel went ahead to become the first bank to engage Taurus’ technology that enables it to provide crypto assets custody services. Nonetheless, Taurus has already signed contracts with other Swiss banks meaning that Vontobel’s advantage may soon evaporate. However, Vontobel’s introduction of cryptocurrencies deposit accounts puts the bank on the right path of achieving its strategy of strong focus on various digital financial services.

The investment banking boss, Studer, thinks that the next step will lead to the tokenization of traditional investments in bonds and equities. Also, he believes that it will soon be possible to trade the encrypted traditional financial investment products using blockchain.

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The post Swiss Bank Vontobel is Set to Offer Custodian Services for Crypto Assets appeared first on Cryptovibes.com – Daily Cryptocurrency News .

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