ING Bank, headquartered in Amsterdam and one of the 10 largest banks in Europe with total assets of over one trillion USD, intended to enter the Crypto Finance business in 2019. As a first step, they wanted to conduct a market analysis to find out the demand for various Crypto Finance products such as direct or indirect investment opportunities in Crypto and Tokenized assets. Based on the collected data, appropriate products should then be developed and launched on the market.
Bravis undertook the market analysis of the Swiss market, in close cooperation with ING Innovation Lab. About 10 qualitative interviews as well as a quantitative survey with over 100 participants were conducted with Swiss banks, private banks and family offices. In a first phase, the problem/client demand regarding crypto finance products (direct and indirect investment opportunities in crypto and tokenized assets) was thus identified. In a second phase, possible solutions/products were presented and validated.
We came to the conclusion that customer demand for crypto finance products in the Swiss financial center was still rather low at the given time, but that market participants expected great growth potential for the future. In particular, the three areas of Crypto Asset Investments (direct & indirect), Tokenization of illiquid assets, and Crypto Asset Custody have emerged as promising and have been pursued accordingly by ING Innovation Lab as independent product development projects.
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