The Swiss wing of Russia’s Gazprombank will start offering crypto assets services by mid-2019, according to a press release published by its bank-tech partner Avaloq.
The financial technology firm announced that it would build a fully integrated solution for the management of client portfolios across all asset classes, including cryptocurrencies. Gazprombank will integrate the said solution into its services to cater for clients that are looking to incorporate crypto assets like Bitcoin into their investment services. The whole deal will become another sign of how crypto adoption in Switzerland is moving in the right direction.
Avaloq will not work alone on creating the crypto assets solution. The press release confirmed that the Swiss fintech giant would integrate Silo, a crypto-wallet management and storage product developed by Metaco, in within its Avaloq Banking Suite. Once up, the duo would enable Gazprombank to purchase, transfer and sell crypto assets on behalf of customers. They would also provide a blended view of the portfolio, without any necessity for a crypto-wallet or private keys.
“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,” Thomas Beck, Group CTO at Avaloq, said. “By bringing together all asset classes in one portfolio view, the solution will also ensure the highest levels of convenience and usability.”
Adrien Treccani, Founder and CEO of METACO, added:
“We know that security and secure custody are of paramount importance and METACO’s multi-signature support will make the solution fully capable for institutional use.”
Gazprombank offers trade financing and commercial lending services and reportedly has relationships with a wealthy clientele. The bank last year posted $24.7 million in profits while its balance sheet counts roughly $3 billion in total. Therefore, the likelihood of Gazprombank reaching big monies with its crypto-enabled solutions is higher. In a longer run, it would attest to the growing adoption of crypto space among institutional investors.
Other banks in Switzerland are also tapping the crypto space after announcing a series of investment services in the space. Sberbank, for instance, focuses on cryptocurrencies while prioritizing mining. Zurich-based Falcon Private Bank, on the other hand, is looking to rebrand itself as a crypto asset manager. Similarly, a group of UBS bankers has launched a crypto banking project dubbed Seba. It is waiting for a banking license as of now while eyeing a full-fledged launch the next year.