Swiss Bank Collaborates with FinTech Startup to Launch Crypto Services

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Gazprombank Switzerland recently collaborated with fintech startup Avaloq and crypto firm metaco to offer customers crypto services, as per press release reports 6th Dec.

Fintech firm Avaloq and crypto custody solution specialist Metaco are reportedly partnering which Gazprombank which as CHF 3.1 billion ($3.12 billion) in assets under management “to implement their integrated crypto asset solution” aimed at banks and wealth managers.

The system is intended ‘for the management of customer portfolios across all asset classes, including digital currencies.’ As per the press release, this is the latest development in a preexisting association with the bank, noting that:

“Gazprombank (Switzerland) Ltd, which is already an Avaloq client, intends to offer a cryptocurrency service to its customers in mid-2019.”

The implementation of the system is meant to make transactions in crypto assets ‘simple.’ After the execution, the report states that  customers will be able to purchase, sell  and transfer digital currency ‘without any need for cryptocurrency wallet or private key management.’

The solution makes utilization of Metaco’s Hardware Security Module (HSM) which as per the press release, “assures a military security solution for storing private keys and managing wallets and operations” with multisignature support.

As per its website, Gazprombank is 100% owned by Russian state-owned Gazprombank (JSC) and regulated by the Swiss Financial Market Supervisory Authority (FINMA).

Prior this week, Itau Unibanco Brazil’s largest private bank has collaborated with Standard Chartered Bank (UK) to develop a blockchain-based platform for small loans.