Swissquote Bank Launching ‘Nuke Proof’ Crypto Custody

Online banking and trading group Swissquote is launching a crypto custody service later this month.
The Switzerland-based firm announced Friday that, starting March 21, retail and institutional customers will be able to transfer cryptocurrencies from external wallets to be stored in a Swissquote account.
Swissquote has partnered with Zug-based Crypto Storage AG, a subsidiary of Crypto Finance AG, for the new offering.Crypto Storage AG offers a proprietary solution for managing cryptocurrency private keys using “highest grade hardware security modules” (HSMs), according to information on its website.
“Our HSMs are the same as those built for the Swiss National Bank [the country’s central bank] and that nothing is outsourced or could allow for a backdoor to be built in,” Crypto Storage CEO Stijn Vander Straeten told CoinDesk. He added:“Our server racks are stored in a former military bunker in the Swiss Alps which is nuke proof. So, yes, we care about security.”