State-owned Russian Gazprombank to launch crypto-trading in 2019
Gazprombank, the banking subsidiary of the Russian state-owned natural gas company, announced the introduction of cryptocurrency trading in 2019, as reported by Finance Magnates on December 7.
The Swiss division of Gazprombank will be set to go live in with crypto-trading in mid-2019, with a prime focus on institutional investors. Metaco, the blockchain company, will integrate its SILO technology, a multi-wallet solution designed via a cloud, across multiple accounts, currencies with a robust security system, fit for financial institutions, with the Gazprombank project.
Avaloq, the banking product provider, which caters to large-scale financial giants like Royal Bank of Scotland, HSBC and Barclays, will be integrating its proprietary Banking Suite into the system. The Banking Suite addition will allow Gazprom’s crypto customers to seamlessly check their balance and will make it easier to generate customer engagement.
Gazprombank intends on creating a complete Cryptocurrency Asset Management system with the help of the facilities provided by Metaco and Avaloq. As per a joint statement released on behalf of the three companies, users of the Gazprombank cryptocurrency program can, “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 Chief Technology Officer at Avaloq said, “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.” He added, “By bringing together all asset classes in one portfolio view, the solution will also ensure the highest levels of convenience and usability.”
Institutional interest in the cryptocurrency industry has skyrocketed this year, with several big names in finance having entered the fray. The Intercontinental Exchange (ICE) and the New York Stock Exchange (NYSE) have backed Bakkt, a digital assets platform, that is set to launch next year.
Nasdaq, the second largest stock exchange in the world has announced that Bitcoin Futures will hit the markets in mid-2019. Financial giants like State Street and Fidelity have announced that if market demand grows, they will look at introducing “crypto custody” solutions. Lastly, the United States’ SEC stated on December 6 that the hearing on Bitcoin ETFs would be in February 2019.
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