Swissquote Online Bank opens cryptocurrency depository

Swiss online banking leader Swissquote has announced the provision of a cryptocurrency translation service. As a result, the transfer will be made from external wallets for storage in customer accounts.

Retail and institutional customers will be able to use the bank’s cryptocurrency service since March 21. To this end, Swissquote has signed a cooperation agreement with the Zug-based Crypto Storage AG. It is a subsidiary of Crypto Finance AG.

Crypto Storage AG offers a patented private key management solution. It implies management using “hardware top-level security modules” (HSM), according to information on the company’s website.

“Our HSMs are the same as for the Swiss National Bank, the country’s Central Bank: nothing is transmitted through outsourcing and cannot steal confidential user information,” said Crypto Storage CEO Stijn Vander Straeten.

Swissquote already offers cryptocurrency trading services. Earlier in 2017, he started trading BTC in partnership with Bitstamp. After that, the online bank added ETH, XRP, LTC and BCH.

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