Swissquote Partners With Crypto Storage AG To Launch Highest-Grade Crypto Custody Service
Swissquote To Launch Crypto Custody Service
Once upon a time, Blockchain and crypto were thought of as the tools that would be used to demolish the monopoly held by large financial institutions in the world. As they have gained more acceptance over the years, the mainstream financial world has jumped on the blockchain bandwagon with more and more firms getting into the blockchain business. A prime example of this is JP Morgan who announced the launch of their own JPM coin a few weeks ago.
Now, Swissquote, an online banking and trading group, has announced that they will be offering crypto custodian services for their clients by the end of March 2019. The service is due to kick off on March 21 and from them, both individual and corporate clients will be able to move Cryptocurrency into their Swissquote account.
To make this possible, Swissquote has teamed up with Crypto Storage AG, a crypto storage firm that is a subsidiary of Crypto Finance AG. Crypto storage AG will be offering the storage of crypto wallet keys to ensure the security of customer funds.
The firm has stated that they will offer the most secure option for key storage that is tamper-Proof.
“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 said,
“Our server racks are stored in a former military bunker in the Swiss Alps which is nuke proof. So, yes, we care about security.”
Expanding Their Base
They also offer a bitcoin exchange-traded certificate program that moves customer funds between Bitcoin and fiat currency depending on the market volatility. The program that does this makes use of machine learning to ensure the best results.
Earlier last year, they launched multi-cryptocurrency certificate on the SIX Swiss Exchange, which they have been listed on for almost 20 years.
They consistent launching of more crypto services just goes to show that the market is actually profitable, even for a large institution like Swissquote. It is becoming more commonplace for institutions on the scale of Swissquote to embrace crypto, which is an undeniable sign of its growth.