Along with traditional banking products, the credit institution will provide services for storing and converting cryptocurrency
A subsidiary of Gazprombank in Switzerland, Gazprombank (Switzerland) Ltd, has offered its clients the opportunity to work with Cryptocurrency, The company received the relevant permission from the Swiss Financial Market Supervisory Authority (FINMA).
Now, along with traditional banking products, Gazprombank’s subsidiary will be able to conduct transactions with accounts in cryptocurrency for corporate and institutional clients. Such operations include cryptocurrency payments, storage of cryptocurrencies and their conversion into fiat money.
In order to enable customers to hold bitcoin and provide them with BTC-denominated bank accounts, the company has partnered with “leading members of the Swiss cryptocurrency ecosystem.” Cryptocurrency exchanges will be conducted through regulated Swiss crypto brokers.
Vice President and Head of the crypto Asset Management Department of Gazprombank Vladimir Nachev said, the company is exploring the possibility of using blockchain, but without using cryptocurrency. There are already several projects that use distributed ledger technology, such as GPB factoring.
“First of all, we consider and develop within the group various innovative ideas regarding the use of blockchain technology not related to cryptocurrency.
In addition, we are closely cooperating with the Fintech Association and other banks in developing and implementing centralized trade finance solutions using distributed ledger technology,” Nachev shared.
In March 2020, the Italian bank Banca Sella began to provide similar services. He entered into a partnership with the Hype platform, which is used by more than 1.2 million Italians to buy crypto and pay for goods and services with them.
Over the summer, the US Office of the Comptroller of the Currency (OCC) allowed all national banks to provide custody services for crypto assets. According to representatives of the department, banks can provide more secure custodial solutions than existing offers on the market.
At the same time, the Swiss bank Basler Kantonalbank announced that from 2021 it will begin providing cryptocurrency trading and storage services through its subsidiary Bank Cler.
