Swiss highly respected bank Vontobel announced the launch of a custody solution for the digital assets known as Digital Asset Vault. The solution is based on Hardware Security Module (HSM) technology and has embedded it into their banking infrastructure.
Switzerland Consolidating Itself
Switzerland has come to be known in the world of finance as a country of importance in crypto adoption, and as if that is not enough, now it’s taking strides to the next level. Vontobel bank is launching a “merge” of both the traditional finance and the cryptocurrencies through Digital Asset Vault a custody service which treats them similarly.
The market requires a solution that meets required standards of financial intermediaries regarding the security of custody of the digital assets as well as an end-to-end service offering. For that reason, Vontobel has taken that step to claim the bragging rights of becoming the first traditional custodian to meet those required standards.
The move allows financial intermediaries like asset manager and banks to offer the customers more secure as well as an easier way to buy, hold or transfer the digital assets in an unprecedented infrastructural standard.
Also, the owners of the digital assets will be granted direct access to the holdings with an exclusive privilege to personal private keys.
Custody Solutions on the Rise
Vontobel may be pumping the chest, but within the last few months, some financial institutions such as America’s Fidelity and Canada’s Versa Bank both took the same route to offer the digital asset custody service. With Vontobel, the users have been provided a high-tech encryption option that complies with legal stipulations in force of the country.
Emerging client base will have it better to build on the digital asset’s economy and have a flexible channel of securely managing their holdings. The Digital Asset Vault is more than a logical evolution. Institutional investments expect an influx and hence integrated services like this will be necessary, with security most essential.
Switzerland is shaping its digital asset industry as well as the blockchain as a whole to becoming the most conducive environments for development. Crypto adopters have hopes for positive outcomes in the country.