Gazprombank to develop cryptocurrency service with Avaloq and Metaco

The Swiss branch of Russian banking giant Gazprombank is planning to roll out a cryptocurrency service to its clients in mid-2019.

For this, the bank has partnered with fintech company Avaloq and crypto-asset custody infrastructure specialist Metaco. Together, they will work on a fully integrated solution which will allow the management of client portfolios across all asset classes including cryptocurrencies.

Metaco has developed cryptographic solutions that can be fully integrated into a bank’s core processes. Its crypto-wallet management and storage solution SILO is aimed at institutional clients. In addition, Metaco’s HSM (Hardware Security Module) ensures a military security solution for storing private keys and managing wallets and operations.

The new solution, with key focus on security and ease of use, will seamlessly integrate SILO within the Avaloq Banking Suite. It will also support a multi-signature system for transaction approval.

The solution will make transactions with crypto assets and currencies as simple as transactions involving traditional assets, according to the official release. It will allow banking and wealth management clients to buy, sell and transfer crypto assets and currencies, with their positions displayed in one consolidated view with all other assets in their portfolio, without any need for a crypto-wallet or private key management.

“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,” Thomas Beck, Group CTO at Avaloq, said.