The institutionalization of the cryptocurrency space is currently being shaped. An online banking group in Switzerland called Swissquote announced back on Friday that they will be offering crypto custodial services on its platform. In order to do so, the company partnered with a Zug-based Crypto Storage firm.
Swissquote Announces New Custody Services for Crypto Users
As cryptocurrencies evolve and continue to grow, there are some companies that are thinking about institutional clients. Swissquote is a $618 million banking group that aims to offer new services to institutions that are searching for crypto solutions.
In the report the bank released, they also confirm record figures for 2018, a year that has been very negative for the crypto industry as a whole. The bank achieved record absolute figures in the last years with net revenues that grew 14.3 percent.
— Stéphane Lüthi (@luethistephane) March 8, 2019
This decision to start offering crypto-related services is related to the fact that the bank wants to expand in the market. The group opened a crypto trading platform that has also allowed clients to trade five different digital assets, including Bitcoin (BTC), XRP, Litecoin (LTC), and Ethereum (ETH).
Cryptocurrencies have expanded for retailers around the world, but the institutionalization of the space has been left behind. Companies focused on individual users rather than on institutions and companies. Now, there is a large group of crypto businesses that are trying to create the necessary infrastructure for these companies to have access to the crypto market.
The Swiss company Crypto Storage is helping Swissquote ensuring that the funds held for clients remain safe and protected against any problem, including attacks. According to the company, they offer a proprietary infrastructure solution that is able to manage private keys in a physical and digital way.
The reserves controlled by Crypto Storage are not safe against cyber attacks, but also physical attacks. Moreover, the CEO of the company, Stjin Vander Straeten, admitted that they use military bunkers to protect the funds and servers they have.
A few days ago we wrote at UseTheBitcoin that Fidelity Investments is working on a solution that allows clients to have access to cryptocurrencies. Selected clients are now using the company’s services which aims at reaching a larger audience in the future.
Another large firm that is working so as to offer crypto-related services to institutional and large investors is the Intercontinental Exchange (ICE). They announced back in August 2018 that they were going to be launching a new platform called Bakkt.