Swiss Banks Set to Start Offering Crypto Asset Services By 2019

Swiss Banks Set to Start Offering Crypto Asset Services By 2019


A Switzerland based bank has made it known that it is set to start offering crypto related services come next year.

Gazprombank Partners with FinTech Companies

Based on the released report from the bank’s technology partner, Avaloq, a fully “integrated solution for the management of client portfolios across all asset classes, including cryptocurrencies.” will be built for the bank. With this new technology fully integrated into Gazprombank’s platform, the bank will be well equipped to see to the needs of clients seeking the incorporation of crypto assets into their investment services.

The press release also made sure to note that another fintech tech company— Metaco, will be working along with Avaloq. Metaco’s crypto-wallet management and storage product Silo will be integrated into the new platform. Once the platform is fully developed, Gazprombank will be able to purchase, transfer and sell crypto assets on behalf of customers.

The platform will also provide an overview of a customer’s crypto portfolio, without the need for a crypto-wallet or private keys.

The CTO of Avaloq has also spoken regarding this recent development. He stated that:
“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,”.

Founder of METACO

Founder and CEO of METACO, Adrien Treccani, also stated that: “By bringing together all asset classes in one portfolio view, the solution will also ensure the highest levels of convenience and usability.”

He added that: “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.”

This report is coming just a week after a report made it known that Switzerland financial authority has increased the amount of deposit a crypto-related firm can accept to $100 million.