Swiss bank launches custody service in former military bunker.

Swiss online banking and trading group, Swissquote, has partnered with Zug based Crypto Storage AG to launch a cryptocurrency custody service later this month.

According to Crypto Storage AG’s, Chief Executive Officer, Stijn Vanden Straten, the server racks are located in a former military bunker in the Swiss Alps which purportedly are able to survive a nuclear bomb.

In addition to robust physical storage, Crypto Storage offers a proprietary solution for cryptocurrency including Hardware Security Modules (HSMs) of the highest grade.   Vanden Straten stated: “Our HSMs are the same as for the Swiss National Bank and nothing is outsourced or could allow for a backdoor to be built in.”

Beginning March 21, 2019 both retail and institutional clients will be able to utilize the service by transferring crypto to a Swissquote account.

The custody service is the latest in a series of cryptocurrency offerings  developed by Swissquote and follows their multi-currency certificate offering of BTC, BCH, ETH and LTC which launched on Swiss exchange SIX in early 2018.

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