Swiss Gazprombank to offer cryptocurrency services

Switzerland-based bank Gazprombank will start offering cryptocurrency services to its clients in mid-2019 as part of a solution that will help clients manage their portfolios across all asset classes. With the solution, clients will be able to buy, sell and transfer cryptocurrencies alongside other assets, all on a single platform.

The bank will offer clients access to Metaco's crypto wallet and storage software called SILO which is found within the Avaloq Banking Suite. The clients using the platform will not need to have a dedicated crypto wallet or to manage private keys. The keys will be stored and managed on the Metaco's HSM (Hardware Security Module). The platform is based on Distributed Ledger Technology (DLT) technology and employs a multi-signature system that makes it easy to complete and verify transactions.

Multisign support will make it a more viable platform for institutional use. Though countable, it seems the number is increasing, for banks which have so far done cryptocurrency integration or are offering cryptocurrency services to their clients directly on their platform. Ideally, the solution will make it as easy to trade or transact cryptocurrency as it is to transact traditional assets. Founder and CEO of METACO Adrien Treccani said the partnership was an "exciting evolution" towards mainstream use or adoption of cryptocurrencies and assets as well as their integration into banking and wealth management proposition.

It will be usable by both institutional and bank clients, which have been considered when building the solution according to Group CTO at Avaloq Thomas Beck.

The service will be launched in the country which is considered to have a relatively crypto-friendly atmosphere compared to Russia.

The new announcement follows a partnership between the three: Gazprombank, Metac, oand Avaloq. The partnership was announced on Thursday. Gazprombank Switzerland is a branch of Gazprombank (JSC), the Russian banking giant that also owns 100% of the Swiss bank.

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