Swiss Bank To Open Crypto Custodial Service
Swissquote, an online bank from Switzerland, will provide its customers with a new service for the storage of cryptocurrencies, as reported by the press service.
At the end of March 2019, all customers of the banking institution will have the opportunity to transfer digital assets from external crypto wallets to the Swissquote accounts. To do this, the company will use the services of Crypto Storage AG, which allows managing private keys using HSM, a solution with a high security level.
Such solutions are used by the country's central bank, they allow protecting the data completely, while no one can use them without proper access, a Crypto Storage representative stated. It should be noted that all the servers of the banking institution are located in the Alps, in a military room built to protect against a nuclear attack.
According to the official website of Crypto Storage, the infrastructure is developed in Switzerland and offers customers an individual, secure, and flexible solution for managing digital assets. The service provides a convenient option of crypto storage for financial intermediaries worldwide.
Swissquote has been working with cryptocurrencies for three years. In 2017, the company launched a bitcoin trading service in cooperation with the Bitstamp trading platform. In October 2018, the bank began to offer clients a service for conducting ICOs on its basis.
As previously reported, a third of fintech companies in the Swiss market are firms associated with blockchain and cryptocurrency.