Gazprombank Switzerland to Launch Crypto Services Next Year

[Leonardo]

Swiss bank Gazprombank recently partnered with fintech startup Avaloq and crypto firm Metaco to offer clients crypto services, an Avaloq press release reports Dec. 6.

Fintech company Avaloq and crypto custody solution specialist Metaco are reportedly collaborating with Gazprombank –– which as CHF 3.1 billion ($3.12 billion) in total assets under management ––“to implement their integrated crypto asset solution” aimed at banks and wealth managers.

The system is meant “for the management of client portfolios across all asset classes, including cryptocurrencies.” The press release reports that this is the latest development in a preexisting relationship with the bank, noting that:

“Gazprombank (Switzerland) Ltd, which is already an Avaloq client, aims to offer a cryptocurrency service to its clients in mid-2019.”

The implementation of the system is meant to make transactions in crypto assets “simple.” After the implementation, the report states that clients will be able to buy, sell and transfer crypto “without any need for a crypto-wallet or private key management.”

The solution makes use of Metaco’s Hardware Security Module (HSM), which, according to the press release, “ensures a military security solution for storing private keys and managing wallets and operations” with multisignature support.

According to its website, the Swiss Gazprombank is 100 percent owned by Russian state-owned Gazprombank (JSC), and regulated by the Swiss Financial Market Supervisory Authority (FINMA).

As Cointelegraph recently reported, New York-based Signature Bank obtained approval from the Department of Financial Services of New York (NYDFS) to employ its blockchain-based digital platform.

Also this week, Brazil’s largest private bank Itau Unibanco partnered with United Kingdom bank Standard Chartered to create a blockchain-based platform for small loans.

Source: https://cointelegraph.com/news/swiss-bank-gazprombank-to-launch-crypto-services-next-year