Gazprom Bank, the Russian bank’s Swiss division, seems to be working with two companies to implement crypto services to allow customers to deal with virtual currencies. The firms are Avaloq and Metaco and will be implementing a service allowing customers to handle cryptocurrencies without having to manage wallets or passwords.
As reported by FinanceMagnates a few days ago, the company released a statement in which it announces a new crypto-related service for 2019. The main intention is to offer services to financial institutions. During this year, and after a bull market in 2017 triggered by retail investors institutions are searching for ways to enter the market without having to deal with virtual currencies themselves.
In order to do so, Metaco integrated a custody solution known as SILO that allows companies to store their digital assets and make transactions with them without problems. The integration was made into one of Avaloq’s Banking Suite product.
The SILO integration can make the management platform very easy to use and simple.
Thomas Beck, Group Chief Technology Officer at Avaloq, commented:
“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. By bringing together all asset classes in one portfolio view, the solution will also ensure the highest levels of convenience and usability.”
With this new platform, Gazprom will have the possibility to purchase, sell and transfer cryptocurrency assets on behalf of its clients. At the same time, it will be able to provide a consolidated portfolio view, without the need for a crypto-wallet or private key management.
There are several companies in the space that are trying to offer similar products and services for institutions. The Intercontinental Exchange (ICE) has also taken the decision to launch a platform called Bakkt that has been designed specifically for institutions.
The current companies working in the space and offering trading services or storage solutions are not designed for institutions. Some of the exchanges are not regulated and many others have been affected by hacks during the last years. Wealthier investors are searching for better platforms built from scratch specifically to serve their custody and trading needs.
Other firms developing similar services are Goldman Sachs, Fidelity Investments and Coinbase, one of the largest and most popular companies in the crypto world.
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