Dutch Bank ING to Develop Custody Service for Cryptocurrencies

December 12, 2019, by Marko Vidrih on ALTCOIN MAGAZINEThe Dutch bank ING reviled plans about developing a technology for the safe storage of digital assets of its customers.Custody service is still at the initial stage of development. Moreover, sources familiar with the situation said that this is only one of many new initiatives of the bank in the field of blockchain.“ING sees increasing opportunities with regard to digital assets on both asset backed and native security tokens,” bank representatives responded to a request from the Reuters news agency. “ ING is particularly focused on developing the technology behind digital assets to give its clients a compliant way to access the emerging sector”.The bank wants to develop an infrastructure that allows its customers to work in this developing sector and at the same time comply with legal requirements. It is expected that the ING repository will support both bitcoin and other crypto assets.Recently, many large finance companies expect traditional assets, such as stocks and bonds, to be digitally released using blockchain. In their opinion, this will help to reduce costs in some complex processes.Earlier, analysts of the Dutch bank noted that in the future “full-featured digital currencies of central banks” will appear on the market.“Over the next 5 years, we will see the emergence of the digital currency of the Central Bank,” they wrote in October.Last October, ING introduced zero-knowledge proof technology. And in April, it began testing the privacy technology of Bitcoin Bulletproofs in its system.Author: Marko [email protected] Magazinehttps://medium.com/media/4b37fd61c8660dc2cbfe8232dfa683e2/hrefDutch Bank ING to Develop Custody Service for Cryptocurrencies was originally published in ALTCOIN MAGAZINE on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Author: Marko Vidrih