ING Developing Crypto Custody Services
The Netherlands’ most significant multinational banking institution, the ING Group, has announced that they’re designing new blockchain technologies. This tech will be dedicated to the custody and protection of cryptocurrency assets. This information comes from a source close with the banking institution, who told Reuters that they had become familiar with ING’s upcoming products. This source claimed that ING aims to implement cryptocurrency storage facilities that are secured for banking clientele. However, that same source also noted how this technology is in the beginning stages of development. It will be built over twelve months by a team of engineers in Amsterdam.
The ING Group was asked by Reuters and other news authorities on these rumors. The banking institution didn’t hesitate to make an official statement regarding the source’s allegations. Their comments focused on the need for more secure opportunities to hold tokens. ING stated: “We see increasing opportunities concerning digital assets on both asset-backed and native security tokens.”
Additional Blockchain Initiatives
This isn’t the first time that the ING Group has entered the blockchain market. Their currently involved with multiple blockchain initiatives, which all began in April 2019. The largescale development team is known to be developing private technologies which will conceal client data. Their development team comprises of two acquisition-purchased Startup’s, which include ABN Amro and R3 MacroPolo. When these acquisitions were announced, it was revealed that it was under a five-year licensing contract. However, this will give the ING Group more than enough time to escalate its blockchain products.
It’s been rumored for some time that this Netherlands-based banking institution will move towards the custodial crypto assets. This would mark a significant leap forward for the cryptocurrency market. This would be because no other traditional finance institution has developed their own custodianship crypto assets. These rumours began when the ING Group partnered with Fidelity and Bakkt, prospecting the idea of ING’s products being offered on the Intercontinental Exchange. However, viable information regarding these rumors won’t be available until the ING Group confirms the full suite of their blockchain products.