The Swiss banking giant Vontobel Bank has been developing the project “Digital Assets Vault”, during some years
The important Swiss bank Vontobel recently announced it is going to offer custody of digital assets services for all its customers, and for banks that want to introduce this option among their services. This was informed by the financial institution through local news on January 14th.
In the statement, it was mentioned that the platform is called “Digital Assets Vault” and that its function is to reserve and store cryptoactive assets as if they were fiat money. The service will be supported in turn by the institution’s Hardware Security Module (HSM) and the entire infrastructure of the prestigious bank.
With this new platform, users can freely perform their transactions of cryptoactive through traditional forms, so they can make purchases, deposits, transfers, among other movements. This service becomes Vontobel Bank the third institution in the world that offers these alternatives.
Different representatives of the bank explained that the institution will offer its clients a list of existing cryptoactives that are validated for tax returns. Therefore, the institution is projected as a bank that adapts to the different global regulations on these cryptoactives to offer its clients peace of mind when conducting their operations.
“With the new commercial solution Digital Asset Vault, Vontobel is, therefore, the first bank in the world to offer good quality standards in the industry within the established and regulated environment”, said some representatives of the bank.
With respect to security for cryptoactives in the bank, it is known that the Hardware Security Module (HSM) is a device located inside the bank and that provides, stores and safeguards the access codes through an advanced system of cryptography. The device is high-tech and contains the necessary resources to perform cryptographic operations at high speed.
Representatives of the bank mentioned the hardware reinforces the keys that are introduced within the same device, so it cannot offer complete security by means of external keys or that have been transferred. However, the Vontobel team sees this feature as positive and they comment that with the Vault of Assets “the possession of private keys is eliminated”.
About the loan of the structure to other institutions, Vontobel Bank informed that through a simple communication with this bank, asset managers and other institutions can offer their clients this solution for their digital assets.
Roger Studer, Vontobel’s Chief Investment Officer, said this solution appears in response to the need to offer their clients different options to conduct their business. According to its reports and indicators, the use of these currencies has grown to handle important business globally. He also remainds Vontobel was looking for specific solutions for these types of businesses and now it is able to offer them to its customers.
Switzerland has different blockchain projects. The company A. Favre & Fills is working in a watch that will operate as a cryptocurrency wallet. The Swiss Federal Railways Company works in a pilot to develop a digital identity, able to recognize the Swiss railway workers.
Also, two Swiss companies, Transoil International and Solaris Commodities, will use this technology to market agricultural products. This is the beginning of a path of advances, perhaps essays, errors,
By María Rodríguez