Gazprombank to develop cryptoasset service for private clients

Gazprombank to develop cryptoasset service for private clients

The Swiss arm of Russia's Gazprombank is to roll out a cryptoasset service for clients in mid-2019, using technology from core banking supplier Avaloq and local blockchain startup Metaco.

The project will see the integration of Silo, Metaco’s crypto-wallet management and storage product, within the Avaloq Banking Suite, with the aim of making transactions with crypto assets and currencies as straightforward as those involving traditional assets.

Once up and running Gazprombank will be able to 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.

Thomas Beck, Group CTO at Avaloq, says: "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.”

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