The lack of access to custodians that institutional investors know and trust is seen as a major hurdle to the growth of the sector. Fortunately, the demand has brought a number of companies to the entry, most recently at the online bank Swissquote.
Also read: UK regulator: 3% of British bought cryptocurrency
Swissquote uses services of Crypto Finance AG
Swissquote, a provider of online financial and commercial services from Switzerland, announced its annual results for 2018 on Friday. The report included an update on an upcoming expansion of the bank's crypto services. From March 21, crypto currencies can be transferred from external wallets to a Swissquote account and vice versa. "Swissquote will therefore become a secure and technologically fully integrated cryptocurrency and depositary for private and institutional clients," the company said.
In order to supplement these custody account offers for digital asset investors, the Swiss bank will use the services of Crypto Storage AG. Founded in June 2017, this fintech startup provides blockchain-related services in three main categories: asset management, brokerage and storage. It offers a proprietary infrastructure solution developed in Switzerland for the management of physical and digital private keys on high-quality hardware security modules with configuration options for individual and role-based access control. Crypto Finance has offices in Zurich and is based in the Crypto Valley train.
Online Swiss Bank has been supporting Crypto since 2017
Since mid-2017, Swissquote has been offering trading in cryptocurrencies in cooperation with Bitstamp. By the end of the year, the service expanded and included five popular digital assets, Bitcoin Core (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC) and Ripple's XRP. In addition, in November 2017, the bank launched the Swissquote Bitcoin Active Index (SQXBTQ) on the SIX Swiss Exchange.
In October 2018, the bank also expanded the service to assist its customers participating in the first issue of coins (ICOs) through the platform. Swissquote is a member of the Swiss Bankers Association, holds a banking license issued by the Swiss Financial Market Supervisory Authority (FINMA) and is listed on the SIX Swiss Exchange.
What do you think of this Swiss online bank, which adds crypto custody services? Share your thoughts in the comments below.
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Swiss Post's Post Online Bank, which added the Crypto Custodial Service, first appeared in the Bitcoin News.
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Post source: Online Bank Swissquote adds crypto custody service
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