Categories
yobit

ShapeShift Launches Exchange Token, FOX, for Commission-Free Trading

ShapeShift released the token, like Binance’s BNB, on Wednesday, enabling commission-free trading with zero fees between cryptocurrencies. All platform users who check in get 100 FOX tokens automatically, which, if held, never expire and supply $10 worth of free trading volume per token on a rolling 30-day basis.

“We’ve obviously been brooding about doing a token ever since 2017 and that we wanted to wade into it very slowly and punctiliously ,” said founder and CEO Erik Voorhees in an in-person interview Tuesday. “We’ve been quite evolving our concept of what our coin goes to be over the last two and a half years.”

ShapeShift’s FOX joins other exchange tokens like Binance Coin and Bithumb Coin (BN). While still falling under the “utility token” classification, the ERC-20 token features a limited purpose, a minimum of for now.

“This has nothing to try to to with establishing a replacement chain,” Voorhees said of FOX. “Basically, we’re trying to urge people faraway from custodial exchanges. this is often an epidemic problem within the crypto world that was a drag in 2011 once I first got involved and it’s still a drag . So, we realized that to unravel that we had to supply all that stuff in one place.”

While similar tokens facilitate value transfers between exchange products, FOX furthers ShapeShift’s permissionless ideology by attracting users to a self-custodial exchange with more liquidity than similarly styled platforms, Voorhees said.

For now, FOX is essentially a digital coupon. within the future, Voorhees said, it might be used for more functions on the exchange. The exchange minted a finite 1 billion FOX tokens, he said.

“We’re hoping that this may help marginally move some people faraway from custodians and be easier with the non-custodial model,” Voorhees said about the project’s aim.

The token launch follows the July debut of ShapeShift’s new platform, which Voorhees said was a solution to the crypto market’s overreliance on custodial exchanges like Coinbase.

As such, Voorhees sees FOX because the third pillar of the company’s strategy to spice up financial self-sovereignty

“ShapeShift’s goal,” Voorhees wrote during a blog post published Wednesday, “is to form self-custody a seamless and enjoyable experience, because this may help the planet move toward self-sovereign finance, and faraway from fiat.”

Voorhees says the exchange has more liquidity than the other self-custody option, like decentralized exchanges (DEXs) or swap services. While total trade volume decreased on the platform since the implementation of KYC, liquidity has increased over an equivalent period by 10x on the exchange’s main pair, BTC/ETH, Voorhees said.

“ShapeShift is usually the counterparty to every trade,” Voorhees explained. (Typically, order book exchanges match a buyer and seller for every trade.)

“This means we offer liquidity in whatever increments we feel comfortable offering,” he said. “We enable up to $50,000 single trades, and a user can trade over and over goodbye as each trade is thereunder size.”

Categories
yobit

Promoting a replacement Token? Satoshi’s Treasure Wants You to Gamify It

According to Satoshi’s Treasure co-creator Eric Meltzer of Primitive Ventures, the tech-savvy scavenger hunt game is run through an offshore company, in order that none of the people sponsoring it or arranging puzzles know the secrets behind all the keys. the primary player or team to gather 400 keys, out of 1,000 potential keys, are going to be ready to claim the bitcoin loot.

Now the sport is expanding beyond bitcoin.

Meltzer said the Tezos Foundation has become the clandestine startup’s first client, with a side game for players to earn Tezzies starting in December. So far, Meltzer said roughly 20 percent of main-game keys are released. All the keys should be released by mid-2020.

This global scavenger hunt started seven months ago and currently has around 50,000 email subscribers, Meltzer said. This represents a small dip from the summer, when the sport attracted new backers willing to contribute prizes and key distribution. Supporters include Naval Ravikant, Balaji Srinivasan and IDEO CoLab Ventures.

In the meantime, the VC-backed blockchain startup Quorum Control is launching its own text-based computer game in the week with more 10 keys to the Satoshi’s Treasure bitcoin prize, plus dozens of rewards associated with its own native blockchain, Tupelo. The staff mentioned this as an “earned airdrop,” distributing access to new or pre-launch tokens.

“The business model is evolving towards helping people distribute their tokens,” Primitive’s Meltzer said. “We’re hoping to repeat that model with a bunch of other coins. … we expect it’s better than an airdrop model, to possess people quite work for them.”

To be clear, Quorum Control isn’t a client of Satoshi’s Treasure and hasn’t even launched a mainnet yet. However, it offers players yet one more opportunity to explore gamification for cryptocurrency projects.

Quorum Control co-founder Andrew Holz said this new testnet-based quest – “Jason’s Game” – was modeled after the vintage computer game Zork. The game, hosted via Quorum Control’s website with an in-game crypto wallet, involves four levels with riddles and puzzles that players interact with as they might with a command-line terminal.

The new airdrop
In addition to offering winners clues to the million-dollar bitcoin prize, there also are strings of numbers and letters that enter the player’s wallet sort of a non-fungible token (NFT).

“This [NFT] is that the thanks to get those tokens before time. quite sort of a note for the tokens, a group amount of the initial supply,” Holz said of roughly 120,000 Tupel tokens which will be distributed to quite 17 winners, ranked by challenge and speed.

The Tupelo blockchain, which Holz said will launch a mainnet in 2020, features a unique structure compared to networks like ethereum. These tokens won’t be distributed during a public sale, so this game is one among the few ways people that aren’t accredited investors can gain access early .

“Rather than have one big central chain that you simply need to put all of the knowledge on, you really have one for every NFT, it quite creates its own history and you’ll add whatever information you would like to about it,” he said. “If you were trying to try to to this in real-time on ethereum, the performance just wouldn’t be there.”

Initialized Capital co-founder Garry Tan said his firm plans to accumulate tokens also , through its equity affect the startup. From his perspective, this game may be a thanks to test the technology while boosting brand awareness among crypto veterans.

“With ethereum or bitcoin, everything is within the public chain, while [Tupelo] allows for flexible privacy,” Tan said. “Crypto remains at this nascent stage, we’d like the builders and hackers to understand these are the tools to try to to that. … The audience of this game is strictly the proper sort of people.”

Categories
yobit

BNY Mellon Aims to travel Live ‘ASAP’ on Trade Finance Blockchain Polo

The $373-billion asset bank is evaluating Marco Polo’s technology with the intention of onboarding clients if the network’s capabilities fit clients’ interests, said Joon Kim, global head of trade finance at BNY Mellon.

“Our hope is that the business requirements of our clients will meet with what Polo has got to offer, and our intention is to maneuver into live production A-S-A-P,” Kim said, meaning “as soon as possible.”

Kim wouldn’t reveal what percentage corporate and bank clients are receiving trade services from the bank, but said that BNY Mellon works with 1,400 financial institutions in total.

For banks round the globe that want to make their own trade operations but don’t want the effort of developing a replacement division, BNY Mellon offers white-labeled trading services. In September of this year, the bank announced at the annual Sibos conference that it had expanded its trade services with KeyBank, a U.S. regional bank with $416 billion in assets.

Trade finance may be a “critical” a part of BNY Mellon’s transaction banking business, which also consists of payments and liquidity products, Kim said.

BNY Mellon chose Polo because the blockchain works well for open account financing, which makes up around 85 percent of trade finance, and works well for giant corporates, Kim said. (In open account transactions, the products are shipped and delivered before payment is due; with letter-of-credit financing, the bank guarantees a buyer’s payment before time).

Among the opposite blockchain trade finance consortiums that Kim said BNY checked out but didn’t serve the bank’s needs, Voltron is meant around letters of credit, and we.Trade serves small to medium enterprises.

Founded by blockchain companies R3 and TradeIX, Polo aims to make real-time settlements and transparency in trading relationships. In September, Bank of America and Mastercard joined the network. The network executed its first Russia-Germany transactions in October of this year.

BNY Mellon has interacted with R3’s Corda in other contexts. In October 2017, the bank participated during a marketplace with four other banks that uses Corda as a hub for administering syndicated loans.

The bank is additionally dipping a toe within the crypto space. In April, BNY Mellon began digital asset safekeeping (different than digital asset custody) by providing private key storage for bitcoin futures market Bakkt.

BNY Mellon has also been tapped to be the administrator and agency for shares of the VanEck SolidX Bitcoin Trust being sold to institutions also as Bitwise’s proposed bitcoin exchange-traded fund.

Categories
yobit

Ex-DOJ, Capital One Exec to steer Compliance at Crypto Payments Startup C Labs

C Labs has recruited Jai Ramaswamy to bring his extensive anti-money-laundering (AML) and financial crime detection experience to the firm, the corporate announced today.

Ramaswamy was last the top of enterprise risk management at Capital One, where he focused on the bank’s international risk exposure. Before that, he was director and global head of AML compliance risk management at Bank of America.

“I’m curious about helping [C Labs] understand its overall risk profile,” Ramaswamy said.

Prior to his stint within the private sector, Ramaswamy was the chief of asset forfeiture and concealment at the U.S. Department of Justice, where he led the prosecution of monetary institutions for concealment and sanctions violations.

He represented the DOJ on illicit financial issues affecting national security, including engagement with the U.S. Department of the Treasury , enforcement , the Intelligence Community and financial regulators.

He also led the DOJ’s efforts to watch virtual currency use by transnational criminal organizations and to prosecute the facilitation of criminal activity by exchanges.

This experience gives C Labs the advantage of having the ability to know not only the DOJ but also the various different U.S. financial regulators that employment with the DOJ to tackle financial crime, Ramaswamy said.

“The industry is trying to work out the way to affect this technology in ways in which traditional regulation has potentially not considered or where principles need to be extended in areas that are somewhat novel,” he said. “There’s always a give and absorb extending rules that exist over new tech versus thinking through a replacement regulation that‘s required.

C Labs has attracted notable talent before. It added Circle’s former head of monetary institution partnerships Chuck Kimble in February as head of strategic partnership, and former Ripple general counsel Brynly Llyr joined within the same role in September.

There are quite 60 contributors to the Celo project internationally, including the planet Bank Group and therefore the UN; tech firms like Google, Square, Microsoft and Apple; financial companies like PayPal and Morgan Stanley; and academics from MIT, Stanford, Harvard and Berkeley.

The company has raised $25 million from venture capitalists.

Categories
yobit

Another Crypto Exchange Is Dropping Privacy Coin Monero Over Compliance Risk

Estonia-based BitBay announced Monday that monero (XML) will not be tradeable from Feb. 19, 2020. However, the crypto exchange is to cease deposits of XML as of this Friday, Nov. 29, and can block withdrawals temporarily from Friday to Dec. 5 round the time of a planned monero hard fork.

All users must withdraw any remaining XML by 20 May, 2020, consistent with the notice.

Explaining the move, BitBay said monero is being delisted thanks to its privacy features. The cryptocurrency uses tech called ring signatures that jumble up small groups of transactions to obfuscate individuals’ identities.

“The decision was made to dam the likelihood of cash laundering and inflow from external networks,” the firm said, adding that other crypto exchanges have dropped monero over an equivalent concern.

“As a licenced exchange, BitBay has got to follow the market standards. Compliance with market standards and regulations allows us to supply our clients with legal security and convenience of using the exchange, with the participation of a friendly banking industry and therefore the availability of payment operators,” BitBay said.

As mentioned, monero’s privacy protections have led to other trading platforms halting support in recent months. for instance , OKEx Korea dropped XML, also as horizen (ZEN) and super bitcoin (SBTC), in October. It said at the time it had been reviewing a choice to delist zcash and dash also .

Other privacy coins are seen as too risky by some exchanges too. Coinbase dropped zcash from its U.K. platform in August. The move was likely a compliance push associated with building a replacement banking relationship after being dropped by Barclays.

The flurry of delistings has developed since global money-laundering watchdog, the Financial Action Task Force, released international guidance on crypto assets in July.

Categories
yobit

Stellar’s Version of Bitcoin’s Lightning Torch Has Been Burning Quietly Since June

Early in 2019 a bitcoin community member known only by a pseudonymous handle, @hodlonaut, launched an experiment referred to as the Lightning Torch or Lightning Trust Chain. the thought was to check the lightning protocol, a second-layer scaling solution on bitcoin that creates it less costly to send money (the experiment ended on April 10 as a donation to Bitcoin Venezuela).

Meanwhile, since June 26, Stellar quietly has been passing around its own version of the torch as an easy demo of how easy it’s to maneuver money around on the bottom layer of the blockchain created by Jed McCaleb.

“I wanted something to bring the community together,” Wouter Arkink, the Stellar torch’s instigator, told CoinDesk during a call . “There’s tons of individuals building, but you would like something that’s fun and connecting at an equivalent time.”

The torch is currently 1150 XLM, or about $67. Unlike the lightning torch, Arkink says that participants don’t always add an equivalent amount to the torch (lightning users typically added 10,000 satoshis, much but a dollar). It are often anywhere from two to 50 XLM.

We first encountered Arkink at the primary Stellar conference, Meridan, in Mexico City . He initiated the torch and therefore the website, enlisting some help from other community members once he got going. He met many former torch wielders for the primary time at the event.

“They said it connected the community, which is good , because that was the goal,” he said.

Arkink works as an innovation manager at a corporation within the Netherlands called Asito, but the torch was a private project.

Lisa Nestor, director of partnerships at the Stellar Development Foundation, recently passed the torch herself. She told CoinDesk in an email: “It’s fun and something that has brought many of our community members together, which we actually value.”

Keybase is vital
The Stellar community has adopted the end-to-end encryption suite of apps called Keybase in much an equivalent way that the remainder of crypto uses Telegram, partially because the Stellar Development Foundation has been airdropping XLM on the app.

All torch participants got to use Keybase, but one unique advantage it offers is that a user can send something to someone on the app albeit they are not using it yet.

For example, a Stellar user may need a lover who is on Twitter but not on Keybase. The Keybase user could send the Stellar torch thereto person’s Twitter account. Keybase will create a wallet for that handle and await the owner to say it (it charges 2 XLM to try to to so – roughly a penny, as an anti-spam measure, Arkink explained).

The whole idea of the Stellar torch (like lightning’s) is to send it to people that want to receive it first, but Keybase makes it a touch easier to bring people in. If two Twitter friends want to pass the torch but the receiver doesn’t have a stellar wallet, Keybase provides an answer .

When the torch gets passed, users post their coordinates within the memo field. This helps the experiment’s website track the torch because it traipses round the world. All the hops are shown on an animated infographic. the location currently lists 77 torchbearers.

So far, the web site estimates that nearly 500,000 kilometers are covered – and it still hasn’t reached a penny in total transaction fees.

Challenges
The Stellar torch doesn’t have a pre-defined goal for ending, and it’s going beyond just passing the torch around.

Arkink and his collaborators have introduced the thought of challenges. the primary challenge is allowing a user to “claim” a rustic by being the primary person to send the torch to someone therein nation. There are still many countries left up for grabs; a holder just must know someone they trust during a new geography.

A new meme has began where users make videos to commemorate their passing of the torch. Here’s one with a ninja vibe and another that’s a touch more on X-Men side.

The torch’s most ambitious challenge so far is getting the torch into the hands of famous people.

“I think which will be very interesting because that’s once you need to send it at some point to people that are less conversant in blockchain or cryptocurrency,” Arkink said.

“Probably the primary one are going to be Kevin Bacon,” Arkink said, aspirationally, thanks to the “six degrees of Kevin Bacon” game from the first days of the web .

Nonetheless, the Stellar torch burns on quietly, the way things on Stellar tend to try to to .

“Bitcoin gets tons more attention than Stellar. Stellar generally isn’t marketing itself the maximum amount ,” Arkink admitted. But he likes that facet of the community’s culture.

“I like that it’s just realizing real things and not gloating about things which may be there within the future,” he said.

Correction (Dec. 9, 16:35 UTC): A previous version of this story mentioned Stellar as a proof-of-stake blockchain. Its consensus mechanism actually relies on a federated Byzantine agreement system.

Categories
yobit

Brazilian Police Bust Alleged Crypto Fraud That Cost Investors $360M

According to the Paraná government , civil police within the state raided an unnamed organization in Sao Paulo , Curitiba and other regional cities last Thursday, claiming the group promised as many as 5,000 victims that they might produce sky-high returns on bitcoin investments.

Scammers targeted their network of victims through social media. After the victims sent funds, the suspects told them to attend as their investments grew three to four percent daily. But victims weren’t allowed to withdraw, the police alleged, and their money disappeared.

The four-month investigation culminated Thursday when police filed charges of fraud, concealment , criminal association and forgery against the group. They arrested nine individuals during a SWAT operation that involved 50 officers, 20 vehicles and a helicopter.

Previously, Brazilian officialdom have used bitcoin for illicit purposes too. In 2018, police busted a $22 million operation that siphoned funds from a jail budget and laundered them through the cryptocurrency.

The country’s government is not any fan of bitcoin – whether used criminally or not. President Jair Bolsonaro bad-mouthed bitcoin on national TV in June while simultaneously stating he “doesn’t know” what it’s , and former chief central banker Ilan Goldfajn compared it to a “pyramid scheme” during his tenure.

Categories
yobit

Developer Flags Big-Money Loophole for Stealing All the ETH in MakerDAO

That’s $300 million worth of crypto immediately . That’s tons of cash . albeit doing it caused the worth to drop by half or maybe by two-thirds, it could still be well worth the attempt.

Micah Zoltu, an independent software developer who is additionally one among the co-authors of the first white book for the decentralized prediction market Augur, published a blog post on Monday describing an attack on MakerDAO that, he argued, could empty all the ETH from the system. (Users lock ETH into the Maker protocol to get loans of the dollar-pegged DAI stablecoin.)

The problem, Zoltu writes, is in how Maker is governed: “Some group of plutocrats can control how the system behaves.”

The attack would only be feasible for a couple of MKR whales if they wanted to act quickly. Zoltu said that 40,000 MKR would be enough if the attack had some sophistication. As of this writing, 48,400 MKR, supported the staking approach of the Maker electoral system , could roll in the hay directly .

So somewhere between $20 million and $25 million in crypto would wish to be deployed to try to to it. That’s assuming an individual could accumulate MKR during a way that did not approach the worth , which is unlikely.

“It is worth noting that Maker Foundation could attack the system during this way immediately if they wanted,” Zoltu writes. “What is worse, [venture capital firm] a16z has enough MKR available immediately to execute the attack the patient way!”

Aside from an indoor job by the parties most invested in seeing ethereum’s flagship decentralized finance (DeFi) application survive, accumulating enough MKR to hold out the attack could also be a big hurdle.

“I desire it’d a minimum of double the worth ,” Joey Krug, a partner at Pantera Capital who has been briefed on the vulnerability, said. “You could probably get tons of whales to sell to you OTC [over-the-counter] if you were paying double market.”

On the open market, the worth would “go bonkers, multiples of what it’s now,” Krug said.

That’s as long as the attacker had to start out from zero MKR, though. So first let’s get into the attack that Zoltu describes then circle back to the Foundation’s objections.

How it works
The Maker protocol is governed by the MKR token.

One million MKR has been minted, a sliver of that has been burned. The Maker Foundation still controls several hundred thousand, both in its treasury and in smart contracts that hold them in escrow.

One MKR sells for about $510 as of this writing. Daily turnover is sort of variable but lately, there’s been about $4 million to $10 million in MKR turning over daily.

Anyone who holds MKR can put up a proposal as a sensible contract on the protocol, one which will change any number of parameters. Maker uses continuous governance in order that provisions are often voted to vary at any time.

This is especially important immediately because the system just made a serious upgrade, implementing multi-collateral DAI and therefore the DAI savings rate. This new upgrade may be a whole remake of the protocol, such there are really two sorts of DAI now and users are being asked to convert their old DAI (now called SAI) to the new.

The new system institutes some important security changes, like a delay on how long it takes for changes voted through to travel into effect and an emergency shutdown provision.

The biggest weakness allowing Zoltu’s attack is that the incontrovertible fact that the present parameter for governance delay is zero seconds. That is, any governance provision that gets voted through goes into effect immediately.

This is something Wouter Kampmann, head of engineering at the Maker Foundation, said has been discussed intimately by the MakerDAO community, which has decided it’s better to possess zero delay for now while it determines which sorts of changes should be ready to bypass the delay and which of them should still have a delay.

“It’s really a matter of finding that sweet spot there,” Kampmann said.

As long as it’s in situ , though, Zoltu argues, the funds locked in MakerDAO are “not safu.”

In a call with CoinDesk, Kampmann said it might not be as simple as saying that each one the ETH currently held as collateral by MakerDAO could just be directly moved to a wallet controlled by the attacker.

“The way permissionless, unstoppable code works is that there’s certain business logic that determines the principles of the way to interact with the contract – and these rules are unchangeable,” Kampmann said.

Zoltu admits it might take cleverness and planning, but at now , readers who remember the DAO hack could also be experiencing familiar chills. Your threat tolerance may vary.

The attack described by Zoltu would also got to be fairly fast. Kampmann expects that the governance delay could be increased sometime within the half-moon , possibly in January.

Though it is vital to notice that this decision isn’t up to him or foundation staff.

On the opposite hand
“You cannot just ignore the economics of it,” Kampmann said. “The problem with the model that’s set forth is basically within the incentive model.”

There are alittle number of whales that have enough MKR to execute this attack now, but they’re extremely unlikely to try to to so. it might send shockwaves across ethereum and certain if they hold that much MKR, they might lose more in other assets than they might gain in stealing the ETH (which would likely drop by value too).

The best thing MKR holders who care about securing the protocol can do, consistent with Kampmann, is stake their MKR on votes. The more that’s staked, the costlier this attack are going to be , and there’s tons of MKR on the sidelines immediately .

Krug, who is well familiar with the crypto investor class, acknowledged that MKR whales are probably well-intentioned, but he also said, “We can’t assume it needless to say .”

There are over 16,000 ETH addresses with some MKR, however. If a bunch of minor whales were ready to collude all of sudden the MakerDAO community, they could be ready to assemble enough tokens without causing price movements.

The Maker Foundation said this is able to be impossible supported what’s known about MKR liquidity. That is, MKR just doesn’t move around that much.

But Zoltu insists this is often not safe enough. He said, “They [the Maker Foundation] are operating under the idea that there are not any dark pools of liquidity available to attackers. This is, quite by definition, something one cannot know.”

Categories
yobit

Cryptopia’s Liquidator Claws Back Nearly $5M, But Identifying Crypto Ownership a ‘Mammoth Task’

The assigned liquidator, firm Grant Thornton New Zealand, released a report Wednesday detailing the breakdown of the retrieved assets and therefore the challenges it faces in tracking down a number of the user funds.

Overall, the firm recovered NZ$10.9 million in new receipts from May to November include NZ$5 million from a third-party fund , NZ$4.4 million converted from the exchange’s own 344 bitcoins and NZ$200,000 from sale of assets like furniture and equipment from Cryptopia’s office.

However, expenses arising from the continued liquidation process amount to NZ$3.7 million including distributions to preferential creditors, salaries, legal expenses and liquidators fees. That leaves NZ$7,164,835 in assets which will potentially be refunded to users.

The start of that process still looks likely to be a while coming. Although said to be “well underway,” the report also offers an evidence of the time-consuming process needed to spot each customer’s holdings.

“We are working to reconcile the accounts of over 900,000 active customers, many holding multiple crypto-assets, many transactions and potentially over 900 different crypto-assets.” the liquidator said.

It’s proving extremely difficult to seek out out what proportion of which assets customers persisted Cryptopia, the liquidator said, citing two reasons. Firstly, the purchasers didn’t have individual wallets, and crypto assets were instead pooled generally wallets.

Grant Thornton explained:

” While Cryptopia held details of customer holdings and reported these on the Exchange, the crypto-assets themselves were pooled (co-mingled) in coin wallets. As a centralised exchange, customers’ trades would occur within the exchange’s internal ledger without confirmation on the blockchain.”

Additionally, the exchange never completed reconciliation of its customer databases with the cryptocurrencies actually held in its wallets, leaving a “mammoth task” to determine each customer’s holdings.

Also a possible hurdle to eventual payouts is that the incontrovertible fact that there are legal issues to be resolved first. The liquidator has appealed to New Zealand’s supreme court seeking directions on the status of crypto assets within the nation.

Whether the court rules that crypto assets count as property or not will decide whether or not they are often persisted trust for affected customers or whether the firm keeps beneficial ownership, Grant Thornton said.

The liquidator’s next statutory report isn’t due until May 2020, however, it expects to supply another update to stakeholders after the supreme court hearing in February.

Cryptopia went into liquidation in May after it suffered from financial losses and plummeting trading volume thanks to the January hack. Soon after, Grant Thornton filed for bankruptcy protection within the U.S. so as to preserve the sole records of customer data that were stored on a server in Arizona.

Categories
yobit

Dutch Bank ING Reportedly performing on Crypto Custody Tech

The press agency said during a report on Wednesday that sources “familiar with the matter” indicated the last word aim of the initiative is to supply secure crypto storage facilities for the bank’s customers.

The tech, though still within the early stages, is seemingly being built by a team based in Amsterdam.

Responding to Reuters during a statement, ING said it “sees increasing opportunities with reference to digital assets on both asset backed and native security tokens,” and is taking a specific specialise in developing blockchain technology to open up the world for clients.

ING is already involved during a number of blockchain initiatives, with its dedicated development team saying in April that it’s performing on privacy technology called “bulletproofs” to potentially conceal client data.

It’s also performing on blockchain-based trade finance as a part of consortium startup R3’s Polo project and another in partnership with ABN Amro, also a Dutch bank. In January, ING inked a five-year licensing affect R3 to be used of its Corda Enterprise platform.

If ING now moves into custodianship of crypto assets, it’ll be one among only a few traditional finance institutions to possess done so.

Fidelity’s digital assets arm launched custody services earlier this year, as did Bakkt, the bitcoin derivatives subsidiary of Intercontinental Exchange. an idea by Japanese bank Nomura to supply institutional-grade custody for digital assets was delayed till 2020 in spring.

Otherwise, only a couple of smaller banks like Julius Baer and Arab Bank’s Swiss arm have moved to supply the service during a bid to draw in clients.