Gazprombank Switzerland Receives FINMA Authorization for Crypto Offering
by Company Announcement October 30, 2020Gazprombank (Switzerland) has received authorization from the Swiss Financial Market Supervisory Authority (FINMA) to provide cryptocurrency bank accounts to corporate and institutional clients.
Gazprombank (Switzerland) (“Gazprombank”) provides traditional banking products and services to its customers, including corporates, investment funds and other institutions. In addition to these services, Gazprombank now offers the safe custody of cryptocurrencies as well as trading between crypto and fiat currencies to its corporate and institutional clients. Following a stringent evaluation process, Gazprombank will initially provide these services to a limited number of selected clients.
The new services will include institutional-grade storage solutions and the purchase and sale of Bitcoin. Gazprombank plans to gradually expand the offering to include additional cryptocurrencies and other products and services.
Roman Abdulin
“We expect digital assets to become increasingly important in the global economy and, in particular, for our current and potential clientele. Being committed to continuous financial innovation, we strive to offer our clients advanced banking services at the highest level of quality. Our blockchain solution provides uncompromising security as well as ease of use. We are very pleased to be able to offer these services to our clients after years of professional development using top industry know-how. The authorization by the Swiss regulator FINMA marks a very important milestone for Gazprombank”,
explains CEO Roman Abdulin.
The new crypto offering has major advantages for the clients of Gazprombank: The clients get access to cryptocurrency liquidity, while the safekeeping of the cryptocurrencies is taken care of by a Swiss regulated bank. Furthermore, the counterparty risk is limited.
To allow Gazprombank to execute a broad range of transactions with blockchain assets, it makes use of specially designed due diligence procedures and software, which add additional layers of security and ensure compliance with Swiss anti-money laundering and know-your-customer laws and regulations.
Roman Abdulin explains:
“Gazprombank is delighted to be able to contribute to the growth of the Swiss and global crypto and blockchain ecosystem. As a FINMA regulated financial institution, we are confident that we can add value by providing an increased level of trust to participants, both in terms of institutional-grade custody as well as between transactional partners. Our goal is to set a new benchmark in institutional client service.”
Featured image: Edited from Pexels
