A major Singapore bank is working on a custodial solution for cryptocurrencies

United Overseas Bank, which ranks third in the ranking of Singapore banks in terms of assets, is developing a custodial solution for cryptocurrencies.

A new vacancy “Cryptographic Security Administrator” has appeared on the bank’s website. The list of responsibilities includes, among other things, the installation of a hardware security module – a special device designed to protect cryptographic keys.

Also, the employee in this position will be responsible for creating a “centralized” solution for managing such keys. One of the main skills for applicants for the position is an understanding of digital payment standards, as well as asset tokenization technologies.

Apparently, the development of a solution for storing digital assets in United Overseas Bank is at an early stage, especially since there are no other vacancies related to cryptocurrencies on the bank’s website.

Recall that at the end of October, another Singapore bank – DBS – announced the launch of the DBS Digital Exchange service for the exchange of fiat currency for cryptocurrency.