Multinational company SIA has partnered with cryptocurrency custodian Hex Trust to help European bank customers gain access to digital asset storage.
According to Daniele Savare, SIA’s Director of Innovation and Business Solutions, having one bitcoin is not a problem in terms of storage. However, when they “become 10, 20, or 100, you need to decide where to store them safely.” Savare added that the company is already discussing the storage needs of digital assets with banks in Europe.
SIA wants to prepare its clients for the expected wave of increased interest in cryptocurrency investments. Savare believes that such a trend is likely, as Grayscale and Microstrategy have recently increased investments in BTC and other cryptocurrencies over the past few months. In addition, at the beginning of the month, Jack Dorsey’s company Square bought 4,709 BTC for $50 million.
SIA will also help banks develop solutions for storing stock tokens and government cryptocurrencies, if they are issued. SIA is a multinational company, whose acquisition plans were announced in early October by Nexi, the largest payment operator in Italy. The company also provides the network infrastructure for the Corda R3 interbank transfer system in Italy, which has recently been joined by 42 other banks.
With the help of SIA, Hex Trust plans to offer European banks software for storing digital assets on behalf of their clients. Hex Trust will also act as a sub-custodian for banks that do not want to directly offer such services, said the company’s CEO, Alessio Quaglini.
Hex Trust is currently working with Mason Privatbank Liechtenstein AG and two unnamed Asian banks. Cuaglini said Hex Trust’s custodial products are being studied by ten other banks. In April of this year, Hex Trust also partnered with R3 to offer the consortium’s clients another option for issuing tokens-shares.According to Cuaglini, in the future, SIA will become the main distributor of Hex Trust, offering digital asset storage services to banks in Europe.