Dutch Bank ING Reportedly Working on Crypto Custody Tech

Netherlands-based banking multinational ING is developing technology for the custody of crypto assets, according to Reuters sources.

AccessTimeIconDec 12, 2019 at 1:10 p.m. UTC
Updated May 9, 2023 at 3:04 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Netherlands-based banking multinational ING is developing technology for the custody of crypto assets, according to Reuters.

The news agency said in a report on Wednesday that sources "familiar with the matter" indicated the ultimate aim of the initiative is to provide secure crypto storage facilities for the bank's customers.

  • Why Worldcoin Is Launching a Layer 2
    20:07
    Why Worldcoin Is Launching a Layer 2
  • Polymarket Traders Bet on Fed Rate Cuts; Bitcoin Spot ETFs Register Five-Day Withdrawals Streak
    02:17
    Polymarket Traders Bet on Fed Rate Cuts; Bitcoin Spot ETFs Register Five-Day Withdrawals Streak
  • Base Monthly Active Addresses Increased by 160% in March: Nansen
    00:50
    Base Monthly Active Addresses Increased by 160% in March: Nansen
  • Bitcoin Halving: We Answer Your Questions
    04:16
    Bitcoin Halving: We Answer Your Questions
  • The tech, though still in the early stages, is apparently being built by a team based in Amsterdam.

    Responding to Reuters in a statement, ING said it “sees increasing opportunities with regard to digital assets on both asset backed and native security tokens,” and is taking a particular focus on developing blockchain technology to open up the sector for clients.

    ING is already involved in a number of blockchain initiatives, with its dedicated development team saying in April that it's working on privacy technology called "bulletproofs" to potentially conceal client data.

    It's also working on blockchain-based trade finance as part of consortium startup R3's Marco Polo project and another in partnership with ABN Amro, also a Dutch bank. In January, ING inked a five-year licensing deal with R3 for use of its Corda Enterprise platform.

    If ING now moves into custodianship of crypto assets, it will be one of very few traditional finance institutions to have done so.

    Fidelity's digital assets arm launched custody services earlier this year, as did Bakkt, the bitcoin derivatives subsidiary of Intercontinental Exchange. A plan by Japanese bank Nomura to offer institutional-grade custody for digital assets was delayed till 2020 in spring.

    Otherwise, only a few smaller banks such as Julius Baer and Arab Bank's Swiss arm have moved to offer the service in a bid to attract clients.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



    Read more about