Gazprombank, Gazprom’s banking division, announced on December 6 that they are planning to launch a cryptocurrency service in 2019.
According to the company’s statement, the new service is scheduled to go live in its Swiss division in the in the second quarter of 2019. This new service is the result of multiple fundamental developments in the institutional-grade cryptocurrency technology.
Gazprombank will run on SILO, Metaco’s blockchain product. SILO is a custody solution that will address one of the primary concerns of financial institutions that aim to transact in cryptocurrency. The new solution will allow companies to safely store all their digital assets and make quick and secure transactions with them.
Metaco has incorporated SILO into one of Avaloq’s Banking Suite product. Avaloq is an older and more established company that offers ‘core banking’ products to some great financial institutions.
Some of their major clients include the Royal Bank of Scotland, Barclays, and HSBC. The Banking Suite is its widely-known and most preferred product.
The platform allows users to execute a variety of functions including looking at account balances and engaging with customers.
Gazprombank – Secure Settlement
The incorporation of SILO in Banking Suite’s is set to make for a fairly extensive crypto management platform which has made Gazprombank use it. The close integration of the Metaco storage solution will ensure that wealth management and banking customers will trade with cryptocurrencies without involving any third parties.
The Group Chief Technology Officer at Avaloq, Thomas Beck, said that bringing all asset classes together in a single portfolio view will ensure that users enjoy the highest levels of usability and convenience.
According to a joint statement released by the three companies, Gazprombank will have the capabilities transfer, buy, and sell cryptocurrencies and assets when the system goes live in 2019.
The system will execute transactions on behalf of clients and offer a consolidated portfolio view without requiring any private key or crypto-wallet management. The many blockchain technology developments are increasingly attracting institutional firms into the crypto market.
Gazprombank (Switzerland) Ltd reports net profit of CHF 14.2 million in 2017, which represents +125% (CHF +7.9 million) growth as compared to 2016.