Cecabank was present in Finect Investment On Change, the organised event this Tuesday 26 of November in Madrid. Aurora Cuadros, corporate director of Securities Services in Cecabank, shelled during its intervention its commitment for the digitalassets, that it has qualified of «case of success».
The bank guard leader in securities services in Spain and Portugal added in 2019 a strategic line to explore the potential of the digital assets. According to Cuadros, this movement started from an internal conviction: «We wondered if it made sense for us, and, if was thus, what path adopt». This reflection took them to get ready so much to internal level, supplying the technical abilities and human, and also to external level, via strategic collaborations with partners as Bit2Me or Fireblocks.
«Always watch towards the future, towards the trends. We do not want be the first, but neither the last; we want arrive in the right moment: when there is a standard on top of the table», pointed out. And this approach is posed from a defined good starting point because, according to pointed out, for Cecabank has been «natural» the transit to the digital assets.
Innovation in a regulated frame
The commitment of Cecabank with the security and the quality reflected in its share is had in various regulatory initiatives, as the sandbox of the Comisión Nacional del Mercado de Valores (CNMV). In collaboration with STX, Cecabank has explored the creation of secondary markets for security tokens. It has participated Additionally in experimental projects led by the European Central Bank (ECB) and the Banco de España, demonstrating its skills to operate in regulated environments and in line with standards of the new regulations, as the regulations MiCA.
In words of Cuadros, MiCA represents «a patently obvious opportunity of business» for the traditionalcompanies. When giving a clear normative framework, the possibility of spreading is opened the confidence of the traditional outlets towards the digital field. However, Cecabank maintains a strict posture in this regard, limiting its offer to criptomonedas as Bitcoin and Ethereum, and avoiding anyone who do not comply with established regulatory standards.
Turn-key »solutions «
The strategic approach of Cecabank in the field of the criptomonedas is structured in four fundamental blocks that constitute its value proposal: security, compliance with standards, control and monitoring and best execution. The company offers an all-inclusive service, that includes custody of criptomonedas and a system of execution and settlement (RTO) via exchanges streamlined. This ensures the traceability and the confidence in every operation, while strict controls are applied additional to comply with the more demanding regulatory requirements.
In addition, Cecabank has implemented an advanced platform for the custody of cryptographic keys. The automation and the apificación of services, as the opening of wallets and the signature of transactions, are some outstanding innovations that guarantee an agile and sure user experience.
Bit2Me, as a strategic member key, has contributed with its expert knowledge in technology blockchain, giving to Cecabank the backup necessary to structure its digital asset services and guarantee the fulfillment of the most demanding standards of the sector.
Objective: performance benchmark also in digital assets
«This year and next year are key for» Cecabank, that the objective of being has been marked the «guard of reference in digital»assets, specified Cuadros. «We have always seen it as a new world full of opportunities; also of risks, but in any case as a major challenge. We have be able to offer services with the same quality and the security that it do in the traditional»world, defended.
The company wants move its preferred status in securities services to the market of digital assets, making good use of its expertise and the «quality » stamp that them positions as a «reliable»performance benchmark.
Cecabank has more than 345,000 low million euros custody, a solvency rate of 35.3% and a net worth of 1,300 million euros.
