MoraBanc offers the first digital asset custody wallet in Andorra

2024-07-31

MoraBanc has established itself as the leader in offering services related to Digital Assets in the Principality of Andorra. The banking institution recently expanded its product portfolio in this area, becoming the first Andorran bank to offer its clients an individualised wallet for the custody of cryptocurrencies and adding stablecoins to its Digital Assets catalogue. The wallet allows custody of the main cryptocurrencies, such as Bitcoin and Ethereum, as well as three stablecoins: Tether USDT, USD Coin USDC and EURO Coin EURC.
 
This service is especially important for clients because it provides them with a secure and reliable solution for storing their digital assets, rather than having to rely on third parties or external solutions that may not meet security and compliance standards. In addition, as it is an individualised wallet, clients have more management flexibility, allowing them to focus their investments more efficiently and tailored to their personal needs. Currently, this wallet service is only available to MoraBanc's private banking clients. However, the banking institution is working on a model for universal access to the service, which will be available to all clients in the next few months.
 

Pioneers in Digital Assets

In early 2024, MoraBanc became the first bank in Andorra to receive authorisation to custody and provide access to digital asset markets to its clients, starting with the high net worth segment. This approval allowed MoraBanc to join a select group of traditional financial institutions worldwide that can offer these high value-added services. At the end of April 2024, MoraBanc launched the first direct investment fund in Bitcoin in Andorra.

Revolutionising the finance sector

MoraBanc, in anticipation of the change in the financial sector, and in response to the growing demand for banking solutions and services related to digital assets, created the Digital Assets department. With a multidisciplinary team, they have developed innovative proposals such as the repatriation service of assets from investments in digital assets, known as "off-ramp".

By working with leading suppliers, MoraBanc maintains robust control over the provenance and legitimacy of its clients' assets, while keeping abreast of changes and developments in the ever-evolving industry.

The new individualised wallet for cryptocurrencies and stablecoins consolidates MoraBanc as the clear leader in the provision of services related to digital assets in Andorra.