For the purpose of adding these custodial offerings for digital assets investors, the Swiss bank will use the services of Crypto Storage AG. This fintech startup was founded in June 2017 and provides blockchain-related services in three main categories: asset management, brokerage, and storage. It offers a proprietary infrastructure solution developed in Switzerland to manage private keys, both physical and digital, on high grade hardware security modules with configuration options for individual and role-based access control. Crypto Finance has offices in Zurich, and is based at Crypto Valley in Zug.
Swissquote first begun offering cryptocurrency trading in mid-2017 in partnership with Bitstamp, and the service was then expanded further at the end of the year to cover five popular digital assets, bitcoin core (BTC), bitcoin cash (BCH), ether (ETH), litecoin (LTC), and Ripple’s XRP. In addition, the bank launched Swissquote Bitcoin Active Index (SQXBTQ) on the SIX Swiss Exchange in November 2017.
In October 2018 the bank also expanded the service to support its clients participating in initial coin offerings (ICOs) through the platform. Swissquote is a member of the Swiss Bankers Association, holds a banking license issued by the Swiss Federal Financial Market Supervisory Authority (FINMA), and its parent company is listed on the SIX Swiss Exchange.
What do you think about this Swiss online bank adding crypto custodial services? Share your thoughts in the comments section below.
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