The Swiss company Vontobel announced in january the launched of the cryptoassets custody service. In a statement posted on the company’s website Vontobel says that tries to fill a market demand. Therefore, developed the Hardware Security Module (HSM), a hard wallet for cryptoassets integrated to the infrastructure of the financial institution. The Digital Asset Vault service, according to the company, makes the posses of private keys no longer needed.
“Digital Asset Vault represents the logical next step in the development of our range of services for digital assets. With our innovative strength and experience, we have thus closed the gap between existing and digital assets. By incorporating digital assets into our own banking infrastructure, we have also become the first provider to already meet the high standards required by financial intermediaries and their regulators,” stated Roger Studer, Head of Vontobel Investment Banking.
The differential of the service offered by Vontobel was possible because Switzerland now runs on an advanced process of crypto regulation. Therefore, Vontobel claims to be the first financial institution to offer a custody service in a fully regulated environment.
The HSM solution does not allow importing of existing private keys, that makes necessary to create it directly on the device. Thus, the user can perform a secure integration with the institution, making purchases, transfers and storage of cryptoactive.
The custody services offer
Before Vontobel, another two financial institutions announced the launch of cryptoassets custody services. VersaBank and Fidelity also have similar services and others startup, as BitGo Holding, builds new solutions for custody. Swiss still innovation in the crypto world, after the first regulated crypto asset in a stock market, they also become one of the pioneers in crypto custody.
The latin news portal Criptonoticias reported the launch of the cryptoasset service custody by Vontobel at last january 14.