Russian Bank Offers Crypto Asset Solution in Switzerland

Avaloq and Metaco (which is 10% owned by Avaloq) have entered an innovation partnership with Gazprombank Switzerland, to implement their integrated crypto asset solution.

The aim is to provide banks and wealth managers with an integrated solution for the management of client portfolios across all asset classes including cryptocurrencies. Gazprombank, which is already an Avaloq client, aims to offer a cryptocurrency service to its clients in mid-2019.

The new product will integrate Silo, Metaco’s crypto-wallet management and storage solution within the Avaloq Banking Suite with a goal of making transactions with crypto assets more simple, like those involving traditional assets. Therefore, wealth management and banking clients get a consolidated view of all their crypto assets and currencies along with other assets in their portfolio—with all of their positions displayed and no need of crypto-wallets or private key management.

The new solution will support a multi-signature system for transaction approval, to live up to the ‘four-eyes’ principle on cryptocurrency transactions.

Thomas Beck, Group CTO at Avaloq, said:

Thomas Beck

“Avaloq and Metaco have considered this for the development of a fully integrated solution that can be offered to clients by their trusted bank. 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.”

Adrien Treccani

Adrien Treccani, Founder and CEO of METACO, adds:

“This innovation partnership with Avaloq is a truly exciting evolution towards the mainstream use of cryptocurrencies and crypto assets and their integration into a banking and wealth management proposition.”

Featured image credit: Pixabay