Dutch ING Bank Working on Digital Custodial Assets

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

Dutch ING Bank Working on Digital Custodial Assets

  • Dutch ING has taken a crucial initiative by working on digital assets custody technology as they see seamless opportunities concerning digital assets backed by security tokens.
  • The organization received approval from New York regulators in November 2018 to offer digital asset backing services to companies based in the state.
  • Most of the institutional investors are still confused about taking up these digital asset enabled transactions from the testing phase to reality.

The idea for mining something intangible and securing it in a digital wallet might seem a bit too novel but not anymore. Dutch ING has taken a crucial initiative by working on digital assets custody technology as they see seamless opportunities concerning digital assets backed by security tokens.

This underlying technology cryptocurrencies is still in its blooming stage and provides clients with a compliant way of digital asset transactions. The project mainly aims at providing an authentic yet unconventional approach to access this emerging sector.

Many established financial firms have set their foot into offering custody and other banking services (which are available to traditional assets) to digital assets. This could reduce expenditures inevitable during complex capital procedures and help make the process simpler and secure. Also, this could improve the processing capability of any organization or business by bypassing all unnecessary processes, thus, in turn, improving customer service in the future.

Though many huge financial firms have announced their landing on this sector, yet there is a considerable scarcity of major firms backing up these digital assets. These suggest that incremental transformation to digital assets is more palatable than a sudden drastic change considering the lack of awareness amongst the population about the digital asset and its working along with the conventional assets.

As a part of these technological advancements, in October 2018, Boston –based investment manager Fidelity opened a division solely dedicated to offer cryptocurrency custody and trading services to companies thereby making the transaction streamline much efficient. The organization received approval from New York regulators in November 2018 to provide digital asset backing services to companies based in the state.

Japanese bank Nomura Holdings Inc, a financial service holder and global investment bank have also launched a similar venture enabling custody of cryptocurrencies called Komainu to institutional investors and thereby increasing its probabilities of achieving mass welcome shortly.

On the contrary, an analysis by Reuters of more than 33 projects involving large companies and executives in the field of the banking sector has shown that many have not yet exploited the benefits of these digital assets.

When it comes to culture and familiarity between digital and conventional assets, the question is whether to combine cryptocurrency along with the mainstream currency and enable similar backing offer services for both. Most of the institutional investors are still confused about taking up these digital asset enabled transactions from the testing phase to reality.

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