Gazprom Bank- Switzerland to Launch Crypto Services From 2019

Avaloq, in its latest press release dated December 6, reported that Gazprombank, a Switzerland-based bank shall be launching crypto services for its clients. The bank recently aligned with fintech startup Avaloq and crypto firm Metaco to offer its clients the crypto services

The Fintech company Avaloq and Metaco which is a specialist into providing crypto custody solutions are seemingly joining forces with Gazprombank at a combined value of CHF 3.1 billion ($3.12 billion) of total assets under management. This integrated solution will be for banks and wealth managers to implement their integrated crypto asset solution.
The press release reported, “Gazprombank (Switzerland) Ltd, which is already an Avaloq client, aims to offer a cryptocurrency service to its clients in mid-2019.” It mentions that this service will be to manage the portfolio of the clients across all the asset class and would not be restricted to crypto assets alone.

With the implementation of this system in place, the clients shall be able to perform various transactions such as buying, selling and transfer of cryptocurrencies without even having a crypto wallet or a private key, hence, making the entire process of transacting in cryptos very ‘simple.’

This system will make use of Metaco’s Hardware Security Module (HSM) and will have multi-signature support. The press release reported that the system “ensures a military security solution for storing private keys and managing wallets and operations.”

Gazprombank is 100 percent owned by Russian state-owned Gazprombank (JSC) and regulated by the Swiss Financial Market Supervisory Authority (FINMA) as per the information mentioned on its website.