Gazprombank Switzerland To Offer Crypto Service For Clients Next Year

News | December 7, 2018 By:

The Swiss branch of Gazprombank, the third-largest bank in Russia, has partnered with Swiss FinTech firm Avaloq and cryptocurrency specialist Metaco to roll out a cryptoasset service for clients in mid-2019.

Avaloq develops and provides software for core banking, while Metaco has developed specialist, high-grade cryptographic solutions that can be fully integrated into a bank’s core processes. These two companies will be working with Gazprombank to develop a fully integrated solution that will allow the management of client portfolios across all asset classes including cryptocurrencies.

The project will see the integration of Silo, Metaco’s crypto wallet management and storage product, within the Avaloq Banking Suite, which is used by over 450 customers, including HSBC, Barclays, Royal Bank of Scotland, UBS, Deutsche Bank, Nomura and Societe Generale. The companies claim that the new solution will make transactions with cryptocurrencies as simple as transactions involving traditional assets.

The solution will allow Gazprombank to buy, sell and transfer crypto assets and currencies on behalf of clients and provide a consolidated portfolio view, without any need for a crypto-wallet or private key management.

Thomas Beck, Group CTO at Avaloq, said that for both institutions and bank clients, trust is key, adding that they have considered this for the development of a fully integrated solution that can be offered to clients by their trusted bank.

“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,” Beck 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, said that this innovation partnership with Avaloq is a truly exciting evolution towards the mainstream use of cryptocurrencies and their integration into a banking and wealth management proposition.

“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,” Treccani said.