Exclusive: ING to work on digital assets, authority, technology and resources

NEW YORK (Reuters) – Dutch bank ING is currently working on the development of technology to assist in the safe storage of digital assets, according to people familiar with the matter.

A pedestrian walks past the logo of ING bank by the input of the group, with its head office in Brussels, belgium, November 6, 2013. ING said that it would be required to complete the restructuring two years ahead of schedule, meaning the Dutch banking and insurance group could be one of the first euro zone casualties of the 2008 global crisis to emerge from a state rescue. REUTERS/Francois Lenoir (BELGIUM – Tags: BUSINESS LOGO)

The guardianship project, which is being carried out in Amsterdam, the netherlands, is still in its early stages, and it is one of the bank’s various initiatives in and around the blockchain, the underlying technology of cryptocurrencies, the sources said.

ING to see more and more opportunities in the field of digital assets in both asset-backed and is native to the security token, the bank said in a written statement to Reuters. With a special focus on the development of the technology behind the digital assets of its clients in a compliant manner in order to gain access to the emerging sector, have been added.

As such, the project as a well-established financial firms look at the provision of custodial and other services for cryptocurrencies, such as bitcoin, as well as other types of digital assets.

A lot of the big financial firms in the hope that the traditional assets such as bonds or shares that can be converted to digital assets, and shall be issued and transmitted through the use of blockchain technology. They believe that this would help to streamline and reduce costs in some of the complex capital market processes.

Others have begun to provide for the authority of cryptocurrencies such as bitcoin and ether, or of their intention to do so.

The availability of power and other back-office services to be provided by the brand-name financial companies, it is the one of the blocks in the road to greater institutional investment in the new asset class.

In October 2018, the Boston-based money manager, Fidelity launched a division focused on the provision of cryptocurrency with the authority of, and the trading services to institutional investors. In November, it received approval by New York regulators to offer its services to companies that are domiciled in the state.

Japanese bank Nomura Holdings Inc announced that in 2018, with the creation of a new company, called Komainu is to provide all of the authority of cryptocurrencies for institutional investors.

While banks and other financial institutions continue to invest heavily in developing the blockchain, the technology is not yet to deliver on its promise.

A review by Reuters of more than 33 projects, involving large enterprises, has announced that over the past three years and interviews with more than a dozen executives who are to be involved with them and found that it is often have not gone beyond the test phase.

Reporting by Anna Irrera; editing by Nick Macfie

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