Singapore is one of the fastest-growing cryptocurrency markets and is emerging as one of the leading nations to adopt digital currencies. Major financial institutions, venture capital firms, banks, regulatory authorities actively joining the cryptocurrency fraternity.
Singapore-based United Overseas Bank is the latest to join the crypto custodian bandwagon and reportedly building a new solution for the same, what seems apparent from the latest Job posting for “VP: Crypto Security Administrator.”
UBS Opens VP: Crypto Security Administrator Position
As per the news reported by The Block, the company Job portal has listed the Job to seek applications for crypto security administrator who would aid the bank in developing a secure crypto key management solution.
The role would be based around the Hardware Security Module devices and have in-depth knowledge of the intricate aspects of crypto custodian solutions, including encryption standards, cryptographic key generation, and payment network standards.
The Crypto Security Administered would be part of the Technology and Operations department, which comprises the five key teams skilled in technology, risk governance, and support. As highlighted in the job posting, the key responsibilities are based around crypto security and keys and the focus on skills specialized for HSM management maintenance and support.
The two key Job responsibilities ” Provide administrative support for maintenance of HSM renewal contracts, and nominations of key custodians” and
Create and maintain crypto key, certificate, and HSM administration processes and guidelines.” This showcases that the bank is looking forward to creating a crypto custodian solution.
Catching Up with Competitors
As leading Singapore banks like DBS announced the launch of crypto custody solution and crypto exchange, UBS also prepares to scale up its crypto offerings to Singapore’s customer base. Across the world, several leading financial organizations like Standard Chartered, Citi, and JP Morgan are exploring the cryptocurrency solutions space.
Cryptocurrency Custodian have a plethora of potential, allowing banks and financial institutions to increase their business and tap into the benefits of digital assets space. The major banks are trying to venture into cryptocurrencies, and specially custodian solutions arena, as various tokens like BTC, reach newer heights. High net worth individuals and institutions are actively investing in Bitcoin and other cryptocurrencies, thereby accelerating the opportunities in the field for leading banks.
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