Digital Assets: Gazprombank (Switzerland) FINMA-Cleared For Crypto Bank Accounts

November 2, 2020 | Digital Assets, News, Regulations

FINMA has authorized Gazprombank’s Swiss arm to offer crypto accounts to corporate and institutional customers.

Gazprombank (Switzerland), the wholly-owned Swiss arm of Russia’s Gazprombank (JSC), announced October 29 that it had received regulatory clearance from the Swiss Financial Market Supervisory Authority to offer crypto custody and trading services to its institutional and corporate clients. (CRYPTOGLOBE)

Only Select clients will get the crypto facility

Gazprombank Switzerland said it will roll out trading between crypto (bitcoin only) and fiat currencies, as well as institutional-grade safe custody of cryptocurrencies. However, these are currently available to only corporate and institutional clients.

Further, following a “stringent” evaluation process, Gazprombank will initially provide these services to just “a limited number of selected clients.”

The bank said clients stand to benefit from the new service by way of enhanced crypto liquidity, limited counterparty risk, and custody by a Swiss regulated bank.

The bank also said it employs 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.

Gradually, Gazprombank will expand its crypto business by offering more cryptocurrencies and other products and services.

Pilot and evaluation process

According to Coin Desk, Gazprombank said back in 2018 that it had identified a demand from large private clients for crypto trading.

Gazprombank deputy chairman Alexander Sobol said at the time that the bank had begun studying cryptocurrency. Further, it intended to conduct a pilot program later that year in Switzerland for selected individuals.

Now that regulatory roadblocks are behind it, Gazprombank’s  CEO Roman Abdulin said: “We are very pleased to be able to offer these services to our clients after years of professional development using top industry know-how.”

“Being committed to continuous financial innovation, we strive to offer our clients advanced banking services at the highest level of quality,” he added. “Our blockchain solution provides uncompromising security as well as ease of use.”

According to Finance Magnates, FINMA granted banking and securities licenses in August 2019 to SEBA Crypto AG and Sygnum AG, both “pure-play blockchain service providers.”

Related Story:    New Swiss Regulated Bank is a Bridge Between Traditional Banking and Crypto

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Venture Capital: Home Management Platform Thumbtack Raises $275M
June 16, 2021     News, Venture Capital

Home management platform Thumbtack enables its millions of customers to find and hire small businesses and local professionals for virtually any home-related task. It announced Tuesday that, “on the heels…
FinTech: 10X, The Fintech Founded By Ex-Barclays Chief Antony Jenkins, Rakes In $187M To Scale Massively
June 16, 2021     FinTech, News, Venture Capital

Founded in 2016 by Antony Jenkins, former CEO of Barclays (LON: BARC), fintech 10X Future Technologies has raised $187 million from a clutch of bulge bracket investors. The firm’s oversubscribed…
Artificial Intelligence: LVMH Ties With Google Cloud For AI-Powered Experiences At Maisons Luxury Brands
June 16, 2021     Artificial Intelligence, Latest News, News

LVMH (EPA: MC) announced today its tie-up with Google (NASDAQ: GOOGL) Cloud for the development of cloud-based AI solutions. LVMH and Google Cloud will work together and deploy the latter’s…
Alternative Investments: HSBC Consolidates Alternatives Units Into “HSBC Alternatives”
June 16, 2021     Alternative Investments, News

HSBC (NYSE: HSBC) has created HSBC Alternatives, an umbrella unit to house its disparate alternatives assets. It will be formed from multi-manager Hedge Fund and Private Market teams, as well…