”By incorporating a storage solution for digital assets into the open banking platform Finstar, Hypothekarbank Lenzburg is building a bridge between the traditional and digital worlds of finance,” Hypothekarbank Lenzburg reported in a press release. With the new Finstar open banking digital asset platform, assets are converted into tokens and the cryptographic key then stored “as safely as if inside a traditional bank vault”. To create this solution, Hypothekarbank collaborated with the Geneva-based IT company Taurus Group.
The digital storage solution was successfully validated by the Capital Markets and Technology Association (CMTA), which specializes in technology for asset trading through tokens. The bank intends to offer its open banking digital asset platform to “the whole Finstar community” as well as banks, asset managers, family offices and private individuals not affiliated with Finstar. Hypothekarbank Lenzburg is reportedly also planning “to include products for storing digital assets for its own customers in future”. “This step is a logical consequence of our innovation strategy in recent years,” commented Marianne Wildi, CEO of Hypothekarbank Lenzburg, in the press release.
