The Swiss division of Gazprombank intends to launch a crypto asset service for their customers, come mid-2019. The bank, which is a division of its parent company Gazprom, announced this in a press statement yesterday.
This latest banking product is courtesy of recent advancements in cryptocurrency and blockchain technology that meets up with the requirements of institutional finance. The partnership with Avalog and Metaco is with their technologies.
Metaco for instance, will be bringing its SILO technology to the partnership, while Avaloq will be bringing its proprietary Banking Suite to the partnership. All three products will be merged together to work seamlessly and provide the necessary framework for the crypto asset service.
Metaco’s SILO is a custody solution that helps firms secure their crypto assets and execute transactions with them. As more institutional investors get into the crypto markets, these custodial solutions will play a significant role in keeping their liquidity safe, and transactions profitable.
Avaloq on the other hand, is a traditional banking product provider and has a reputation for providing key banking services and products to big financial entities like Royal Bank of Scotland, Barclays and HSBC.
Avaloq’s Banking Suite is currently the company’s most popular product in the market. With it, companies and banks can execute a wide variety of transactions and functions. It’s great for checking bank balances as well as creating engagement with its customers.
Gazprombank’s Integration of these products is designed to establish and set up an extensive crypto asset management platform that will help its customers trade, exchange and invest seamlessly and efficiently.
“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.”
said Thomas Beck, Group Chief Technology Officer at Avaloq.
The joint press release statement highlights the benefits of the new platform and its functionalities. It read that upon release of the product next year, Gamzprombank will
“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.”
This is not surprising seeing as recent developments as well as future speculations regarding blockchain and cryptocurrencies show significant promise, thus making the notion of investing in them more appealing to big money or institutional investors.