ING, with $980 billion in total assets is the largest bank in the Netherlands, is moving into the crypto custody market.
Citing “people familiar with the matter,” according to Reuters, ING is working on developing technology to help clients store cryptocurrencies.
The custody project is based in Amsterdam. ING told Reuters that “it sees increasing opportunities with regard to digital assets on both asset backed and native security tokens.”
ING recently said that cryptocurrency need to become more “useful, relevant and trustworthy” to prove themselves, as well as that “technical improvements are needed” for cryptocurrencies to become mainstream.
The new comes on the heels of Fidelity having launched a new unit, Fidelity Digital Assets, to provide cryptocurrency custody and trading services to institutional investors.
Japanese bank Nomura has been planning to launch a custody solution for digital assets with partnership in Ledger. It is expected next year.
Germany recently passed a law, which goes into effect Jan. 1, 2020, enabling companies to offer crypto services, such as custody.
This week German fintech SolarisBank, which is backed by Visa and Spanish banking giant BBVA, ventured into a crowded cryptocurrency custody market with a new unit, Solaris Digital Assets.
“Our custodial solution stores the private keys on a distributed cluster of hardware security modules that are connected to a digital bookkeeping system,” said the bank.
SolarisBank’s custody service is built as an application programming interface (API) to business include banks and exchanges.
“Our APIs hide smoothly behind your frontend, meaning you can offer your solution entirely in your branding,” said SolarisBank.
SolarisBank has a German banking license, and has provided services to blockchain banking startup Bitwala, security token platform Bitbond, and Boerse Stuttgart Digital Exchange, and others.
SolarisBank, a well-funded startup, closed €56.6 million in Series B last year. Visa, BBVA, Lakestar, and ABN AMRO’s Digital Impact Fund.