ING to develop a cryptocurrency custodial platform

The bank said that it sees “increasing opportunities” with regards to crypto.
The project is reportedly being controlled from its Amsterdam offices.

Rajarshi Mitra Independent Analyst

According to a recent report by Reuters, major Dutch bank ING is currently working on a custodial platform that will enable their clients to store digital assets like cryptocurrencies. The firm stated that it sees “increasing opportunities” with regards to crypto - both asset-backed and security tokens.

ING bank aims at providing its users with a compliant way to access the sector. As per Reuters’ sources, the project is being controlled from its Amsterdam offices. However, it is still in its early stages. Additionally, the bank is also working on developing other blockchain initiatives. Not all banks are sharing ING’s enthusiasm. Another major Dutch institution, ABN AMRO, has dropped its plan of creating a custodial cryptocurrency wallet, citing a lack of interest.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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