Development of target operating model and vendor selection crypto custody​

International bank​

Initial situation

  • The client wants to ensure the handling of private keys in the context of crypto assets
  • The initial goal is to develop a target operating model that fits the client's strategic direction
  • The options to be analyzed are: In-house development, whitelabel solution and acquisition of own crypto custody license and integration of a licensed crypto custodian
  • Based on the developed target operating model, a vendor selection (RFI and RFP) will be conducted

Approach

  • Training of more than 25 employees on the basics of blockchain technology and crypto custody using workshop concepts developed together with the Frankfurt School Blockchain Center.
  • Preparation and distribution of the RFI questionnaire to selected providers, evaluation and narrowing of the provider pool
  • Definition of project specification as well as functional specification
  • Preparation and distribution of RFP questionnaire to selected providers, evaluation of RFP and selection of provider
  • Final review of the provider performance

Results

  • Development of target operating model: whitelabel solution and acquisition of own crypto custody license
  • Completed market overview of relevant providers differentiated by technical solutions (e.g., HSM-based and MPC-based custody)
  • Fully documented process from project planning, to evaluation of results and assignment of contract
  • Successful and timely execution of provider selection