Gazprombank Switzerland, Subsidiary of Russian State-Owned Bank Offers Crypto Asset

Alexander Orlov 

Alexander Orlov

07 December 2018,
00:40
Gazprombank Switzerland, Subsidiary of Russian State-Owned Bank Offers Crypto Asset

Gazprombank (Switzerland) LTD has established a partnership with fintech startup Avaloq and Metaco, crypto-asset custody infrastructure provider (10% owned by Metaco). As Avaloq press-release reports, “The aim of this product innovation is 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”.

Being a Swiss bank, Gazprombank (Switzerland) LTD is regulated by the Swiss Financial Market Supervisory Authority (FINMA). It is also a 100% subsidiary of Gazprombank JSC, a top-3 Russian bank connected to state-owned oil & gas company Gazprom.

The new crypto-asset management system will be provided in Switzerland to Gazprombank's clients. It will be using Avaloq Banking Suite and Silo, Metaco's crypto-wallet and custody system. Such a solution aimed to provide the simplicity and swiftness of traditional assets management to operations with crypto assets. The IT-solution will support a consolidated portfolio management of crypto and traditional assets, joint statements, and reports.

Metaco's system will support "the four-eyes" principle for transactions management using multi-signature crypto wallets. According to the press release, it provides "a military security solution for storing private keys and managing wallets and operations”.

Stmarket.co reported on November 5, that the Department of Financial Services of New York (NYDFS) has authorized New York State-chartered Signature Bank to offer a new digital payment platform named Signet.

A list of banks, officially selling crypto to customers, has become richer by one player, a descendant of oil & gas giant which official motto states that "Dreams come true".