ING Bank Reportedly Developing Digital Asset Custody Technology

According to Reuters whose had a source close to the matter, Dutch bank ING is working on developing technology that will allow it to assist clients with safely storing digital assets including Bitcoin and Ethereum.

The Amsterdam run custody project is just one of the bank’s initiatives that center around blockchain technology and is still in its early days of development. A statement released by the bank indicates that ING “sees increasing opportunities with regard to digital assets on both asset-backed and native security tokens.” ING is especially interested in developing the technology behind digital assets to give its clients a compliant way to access the emerging sector.

The project comes as established financial companies look into offering custody and other services for both cryptocurrencies such as bitcoin, as well as other types of digital assets. In October 2018, Boston-based investment manager Fidelity launched a division focused on providing cryptocurrency custody and trading services to institutional investors. While banks and other financial firms continue to invest in developing blockchain, the technology has yet to deliver on its promise.