Swissquote announces the extension of the crypto service for its customers from 21st March. While previously only the trade with the Top 5 was possible, customers should be able to safe deposit crypto assets with Swissquote and transfer them to wallets as of the end of March. The service is aimed at both institutional and private investors.
The Swiss bank Swissquote is not an empty hand in terms of Bitcoin & Co. Finally, the financial house based in Gland has been offering a trading platform since mid-2017. Since then, the finance company has been working continuously on expanding the service.
As the online bank announces, Swissquote is now going one step further. According to a press release, as of March 21, customers can withdraw crypto assets from the bank’s depositary at will and deposit them on their own wallet – and vice versa.
Security infrastructure improved
Crypto asset custody is considered tricky. Because as an owner, only the one who has the private keys to Bitcoin & Co. can be defined. So should customers choose to put their digital assets in the hands of Swissquote, they should be able to rely on their deposits being secured. For this purpose, the bank cooperates with Crypto Storage AG.
“Crypto Storage AG offers a proprietary infrastructure solution to manage private keys, both physically and digitally,” reads the website of the Swiss company. The security experts explicitly target financial intermediaries such as Swissquote with their services.
The team of Crypto Storage AG promises a “bombproof” custody of Bitcoin & Co. – in the truest sense of the word. As the CEO of the start-up Stijn Vander Straeten announced, the bank relies on military bunkers in which the servers are even protected against nuclear strikes.
Importance of custody solutions is growing
The winged word not your keys is still your bitcoin; But a world without financial intermediaries is hard to imagine. Only a small percentage of crypto investors should be responsible for securing the crypto assets.
As a result of the high risk of loss, custody solutions will therefore become more and more important in the future, especially for institutional investors. Swissquote is already paving the way for a crypto-friendly future.