Dutch multinational banking financial services corporation ING Group is reportedly developing technology that will provide clients with a safe and compliant method for storing cryptoassets.
According to a report by Reuters, citing sources familiar with the situation, the Dutch bank is working on a custody project still in its early days that is being run out of Amsterdam. The report claims the creation of crypto-asset custody is just one of “several initiatives around blockchain” that ING is currently in the midst of developing.
In a written statement to Reuters, the bank said,
[ING} sees increasing opportunities with regard to digital assets on both asset backed and native security tokens.
The bank emphasized the development of technology that will provide clients with ways to remain compliant while storing digital assets.
While ING’s new development sounds promising, the report cautioned that the industry of blockchain has yet to bear fruit,
A review by Reuters of more than 33 projects involving large companies announced over the past four years and interviews with more than a dozen executives involved with them showed many have not gone beyond the testing phase.
However, ING and other large financial institutions are looking to get ahead of the possibility of traditional assets such as stocks and bonds becoming tokenized. Such an evolution could necessitate the shift to blockchain technology in order to streamline the process.
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