ING decides to solidify stance in crypto, plans to launch native digital asset custody service

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The increasing acceptance of blockchain technology by mainstream companies has been seen as a metric for its rapid adoption rate. Dutch banking giant ING is the latest member of the commercial space to rock the blockchain world as it plans to release its own digital assets custody technology.

The bank claimed that client safety is of paramount importance, and the blockchain-based technology will help holders to store their digital assets safely. Although complete details about the service have not been disclosed yet, sources close to the organization have stated that it will take some time before it is released. Revelations about the development set Twitter alight as cryptocurrency enthusiasts as Rhythm tweeted:

“ING, one of the largest banks in the world, is working to store their client’s bitcoin in a ‘complient way’. They have $1.1 trillion of assets and 38 million clients. First they ignore you, then they laugh at you, then they fight you, then they just help buy and store bitcoin.”

The bank noted that the financial atmosphere is changing and that institutions need to find ways to keep up with the times. They also recognized the growing potential and opportunities associated with the field of digital assets as well as native security tokens. The bank has not yet confirmed whether they have any plans of launching their own token, but one thing is for sure, they want to provide their clients a streamlined and safe way to enter the emerging market.

The team that will test out the technology initially is based in Amsterdam and will add to several other blockchain projects that the company has taken upon itself. ING had first begun working on client safety when it decided to bring Bitcoin ‘Bulletproofs’ to private blockchains.

These bulletproof were first conceptualized to hide the amount of Bitcoin being transferred during transactions. One of the fundamental ways this got conducted was by using zero-knowledge proofs, a way of proving possession pf something without revealing what it is.

ING’s journey into the blockchain world was also given a boost when it partnered with R3 this January. The five-year partnership allows ING to use the Corda Enterprise platform to build out its enterprise clientele on the blockchain. ING is not the first commercial bank to enter the digital assets custody world as Fidelity had decided to do the same earlier.

Back in 2018, the Boston based investment manager had launched its own custody service, which was given a New York regulators license just last month. Apart from the United States, other countries in Asia have also been active in the institutional/blockchain world. Banks in Japan have gained a head start in building blockchain solutions for clients by integration them seamlessly into already running operations.


Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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