Dutch bank ING has been working on developing technology to help clients safely store digital assets, Reuters cited people familiar with the matter.
The custody project, which is being run out of Amsterdam, is still in its early days and is one of the bank’s several initiatives around blockchain. The bank sees opportunities both on asset backed and native security tokens and is particularly focused on developing the technology behind these assets to give its clients a compliant way to access the emerging sector.
Many large financial companies are hoping that traditional assets such as bonds or stocks can be turned into digital assets and be issued and transferred using blockchain technology, Reuters added. Furthermore, they believe this could help streamline and reduce costs in some complex capital market processes.
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