Swiss Bank Developing Cryptocurrency-Linked Services

December 11, 2018 1:02 AM

Plus, Gazprombank has partnered with Avaloq and METACO to launch safe storage and investment amenities.

Gazprombank (Switzerland), a Swiss subsidiary of the Russian state-owned bank Gazprombank (JSC), announced today that it would begin to develop cryptocurrency-linked banking services to be offered in 2019. Gazprombank’s announcement states:

“The new proposed services will include the safe storage for wallets and the investments in cryptocurrencies as well as the execution of such payments. The Bank will handle the technical complexity and the security aspects on behalf of the clients who engage in cryptocurrency transactions. All offered services will be provided in accordance with Swiss law and regulations.”

The bank has already initiated talks with the Swiss Financial Market Supervisory Authority regarding the development of such banking services.

This announcement is coupled with news that the Swiss bank has partnered with FinTech startup Avaloq and crypto firm METACO. Each group’s technology will be used in affirming the usage and safety of customers’ cryptocurrencies.

According to Avaloq’s press release, METACO will be responsible for providing SILO, its own crypto storage management solution, which will be integrated into Avaloq’s banking suite. SILO is meant to allow clients to buy, sell, and transfer crypto “without any need for a crypto-wallet or private key management.”

The program will also make use of METACO’s hardware security module, which uses a “military security solution” with a multisig system for cryptocurrency transaction approval.

News of the partnership follows a December 4 announcement from the New York Department of Financial Services, which authorized a blockchain-based digital platform to be offered by the New York-based Signature Bank. The system allows funds “to be transferred in real-time between two commercial clients of Signature Bank, eliminating any dependence on a third party.”

Nicholas Ruggieri studied English with an emphasis in creative writing at the University of Nevada, Reno. When he’s not quoting Vines at anyone who’s willing to listen, you’ll find him listening to too many podcasts, reading too many books, and crocheting too many sweaters for his dogs, RT and Peterman.

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