Gazprombank Announces Launch of Crypto Custody Service By Mid-2019

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Gazprombank , the banking division of Russian giant
Gazprom is working with Avaloq and Metaco to provide
crypto asset custody services for institutional clients
next year.

According to an official press release issued on 6
December, METACO expressed that the strategic decision
is part of a joint effort that has been going on for some
time. They are also confident that this service will start
operating in the second quarter of next year:
Fintech leader Avaloq and crypto-asset custody
infrastructure specialist METACO* have entered into
an innovation partnership with Gazprombank
(Switzerland) Ltd, a Swiss bank, to implement their
integrated crypto asset solution. This product
innovation aims to provide banks and wealth
managers with a fully integrated solution for the
management of client portfolios across all asset
classes including cryptocurrencies. Gazprombank
(Switzerland) Ltd, which is already an Avaloq client,
aims to offer a cryptocurrency service to its clients in
mid-2019.

According to information from the three firms involved,
the service will focus on security. For this purpose,
Gazprombank will develop a product using the SILO
technology, a “highly secure crypto-asset custody
solution for institutional clients” created by METACO. In
turn, this product will run within the Avaloq Banking
Suite.

Gazprom is Entering The Crypto-Verse With a Secure, User-Friendly Custody Service

Thomas Beck, Group CTO at Avaloq, assured that the
partnership will offer a product not only with high-quality
standards but also highly user-friendly.
For both institutions and bank clients, trust is key.
Avaloq and METACO have considered this for the
development of a fully integrated solution that can be
offered to clients by their trusted bank. Thanks to the
close integration of the METACO storage solution,
banking and wealth management customers won’t
have to trust additional third parties when trading
with cryptocurrencies. By bringing together all asset
classes in one portfolio view, the solution will also
ensure the highest levels of convenience and
usability.

Despite maintaining a stance sometimes contrary to the
use of cryptocurrencies, Russian policy has shown great
interest in the development of blockchain technologies.
As Gazprom is a key industry for the Russian economy
(Gazprom is the leading supplier of gas in Europe), it is
possible that this decision will lighten the harsh vision of
the state in this regard.
It is also important to note that Gazprombank is a
company domiciled in Switzerland, so there are no legal
problems that could complicate the operation of the new
crypto custody service.

Source : https://ethereumworldnews.com