Dutch bank ING is working on developing technology to help clients safely store digital assets, according to people familiar with the matter speaking to Reuters. 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 sources said.
ING “sees increasing opportunities with regard to digital assets on both asset backed and native security tokens,” the bank said in a written statement to Reuters. ING is particularly focused on developing the technology behind digital assets to give its clients a compliant way to access the emerging sector, it added.
A review by Reuters of more than 33 projects involving large companies announced over the past four years and interviews with more than a dozen executives involved with them showed many have not gone beyond the testing phase.