Online banking and trading group Swissquote is launching a crypto custody service later this month.
The Switzerland-based firm announced Friday that, starting March 21, retail and institutional customers will be able to transfer cryptocurrencies from external wallets to be stored in a Swissquote account.
Swissquote has partnered with Zug-based Crypto Storage AG, a subsidiary of Crypto Finance AG, for the new offering.
“Our HSMs are the same as those built for the Swiss National Bank [the country's central bank] and that nothing is outsourced or could allow for a backdoor to be built in,” Crypto Storage CEO Stijn Vander Straeten told CoinDesk.
In November 2017, the firm also launched a bitcoin exchange-traded certificate that moves investors’ holdings between bitcoin and U.S. dollars with the help of a machine learning algorithm, aimed at curbing the cryptocurrency’s volatility.
In early 2018, Swissquote launched a multi-cryptocurrency certificate on the SIX Swiss Exchange, offering exposure to bitcoin, bitcoin cash, ether and litecoin. The bank has also been listed on SIX since 2000.