Thursday , October 29 2020

ING bank wants to give clients a compliant way to store cryptocurrency, report

TNW uses cookies to personalize content and ads to
make our site easier for you to use.
We do also share that information with third parties for
advertising & analytics.

Powered by

Blockchain, cryptocurrencies, and insider stories by TNW.

There’s a new blockchain initiative in Amsterdam

Major Dutch bank ING is developing technology so that its clients can safely store digital assets like cryptocurrencies, Reuters reports citing sources familiar with the matter.

The firm then told reporters it sees “increasing opportunities” surrounding digital assets, both asset-backed and native security tokens. ING noted a focus on providing a compliant way to access the sector.

Reuters‘ sources said that the custody project is operating out of its Amsterdam offices, but that it’s still in its early stages. The bank reportedly also has several other blockchain initiatives.

Keeping cryptocurrency safe has become a business in itself. Last year, prominent cryptocurrency exchange Coinbase began offering its own custody services.

While Coinbase is certainly a trusted exchange, for a household name like ING to offer similar services would only be a boon for the digital asset industry.

Not all banks are sold on the idea, however. Earlier this year, Hard Fork reported that another Dutch institution, ABN AMRO,ING shelved plans for a custodial cryptocurrency wallet, citing lack of interest.

Published December 12, 2019 — 14:29 UTC

Thank you!

Copyright © 2006—2019.
All rights reserved.
Made with in Amsterdam.

This Article was first published on thenextweb.com

About IT News Ug

Check Also

‘Mysterious’ billionaire cashes in $127M worth of Gates-backed pharma stock

TNW uses cookies to personalize content and ads to make our site easier for you …

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

//azoaltou.com/afu.php?zoneid=2572107