The digital bank and the fintech solution Mybankbelonging to Andbank, has reached an agreement with the institutional digital asset custody service Prosegur Crypto to launch a scustody and purchase and sale service for cryptocurrencies in Andorra.
This agreement has come after the granting to Prosegur Crypto of the license to operate with crypto assets in the Principality, and marks a time on the road to develop technological and operational integrations that will allow the company to expand its offer in the future.
As for Myandbank, it has incorporated into its offer this December the possibility that its clients residing in Andorra can invest in cryptocurrencies. In principle, in Bitcoin and Ethereum, although in a second phase it could expand the investment options to other digital assets.
The proposal, however, takes into account, as a central component, security and institutional custody. The tokenized digital assets purchased by Myandbank clients are stored following Prosegur Crypto security protocols. These are specifically designed to mitigate both operational and security risks, and to ensure that funds are protected.
In addition, the operational integration with Myandbank makes it easier for clients to access the digital asset market from their banking environment, and without the need to resort to external intermediaries. This way they can operate with the bank’s experience, closeness and trust, accessing new investment opportunities in the digital field.
The agreement also incorporates a regulated brokerage service, offered by Minos Global, a company owned by Prosegur Cash, which allows the purchase of Bitcoin and Ethereum in accordance with current regulations. This service complies with international standards on the prevention of capital blocking and terrorist financing, which provides clients with a solid regulatory framework to operate. Prosegur Crypto and Andbank are going to launch this service with a commission of 0.50% for purchase and sale services. You will have the same annual commission for custody.
Marta Bravo, Deputy General Director of Andbankhas highlighted that «“The incorporation of the purchase and sale of crypto assets in a safe and regulated environment, a pioneer in Andorra, reinforces our commitment to innovation and allows us to open new investment opportunities, always maintaining the trust and closeness that characterize us.”
José Ángel Fernández Freire, Director of Innovation at Prosegur Cash and CEO of Prosegur Cryptohas pointed out that “Obtaining the license in Andorra represents a strategic milestone that consolidates Prosegur Crypto as one of the main institutional providers offering regulated cryptoasset services in the Principality. ANDThis alliance represents another step for Prosegur to reinforce its transformation initiatives, developing a portfolio of services and products that is increasingly digital, diversified and adapted to customer needs, demonstrating that Prosegur can compete with excellence in extremely demanding scenarios.
