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Gazprombank Switzerland to Launch Crypto Services Next Year

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

The implementation of the system is meant to make transactions in crypto assets “simple.” After the implementation, the report states that clients will be able to buy, sell and transfer crypto “without any need for a crypto-wallet or private key management.”

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

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

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