A leading bank in Switzerland will soon offer crypto services to its clients. Gazprombank (Switzerland) Ltd (a Swiss wing of Russia’s Gazprombank), along with the fintech startup Avaloq and crypto firm specializing in custody solutions, Metaco have partnered to launch the crypto services.
The collaboration of the fintech company Avaloq and crypto custody solution specialist Metaco with Gazprombank –– which is 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 per recent reports, New York-based Signature Bank obtained approval from the Department of Financial Services of New York (NYDFS) to employ its blockchain-based digital platform.
Blockchain technology is remodelling the function areas and processes for banks and financial institutions. Earlier this week, one of the leading private sector banks in Brazil, Itau Unibanco announced that it will be working on to create a blockchain based platform for small loans. The bank will partner with United Kingdom Standard Chartered.