A major international bank’s cryptocurrency custody division has launched institutional cryptocurrency custody services in Singapore, becoming the first entity owned by and partnered with banks to provide such services for financial institutions in the country. They plan to serve a range of clients, including hedge funds, high-frequency traders, prime brokers, exchanges, and asset managers.
Additionally, a German multinational investment bank and financial services company has partnered with a Swiss crypto firm to offer custody services for institutional clients’ cryptocurrencies and tokenized assets. This partnership enables the bank to hold a limited selection of cryptocurrencies and tokenized traditional financial assets.
In other news, Ripple has announced its acquisition of Fortress Trust, a financial institution providing licensed Web3 financial, regulatory, and technology infrastructure for blockchain innovators. This acquisition expands Ripple’s regulatory licenses, as Fortress Trust holds a Nevada Trust license and complements Ripple’s existing licenses, including over 30 Money Transmitter Licenses in the U.S.
It’s worth noting that just before the acquisition, Fortress Trust experienced a security incident involving a third-party analytics vendor, resulting in the loss of approximately $12 million in bitcoin and other cryptocurrencies.
By FCCT Editorial Team
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