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Avaloq intends to lead the way in its new cryptocurrency asset solutions system
The new initiative is in itself a new partnership between a reputed Swiss-based bank, a leading Fintech company and a first-class cryptocurrency asset company.
L & # 39; goal. the goal? Implement a cryptocurrency-based asset solution for wealth and asset managers as well as for major banks
The solution for banks and asset / wealth managers? The new cryptocurrency asset solutions.
Avaloq, the Swiss company Fintech, has launched a press release in collaboration with the Swiss local bank Gazprombank Limited and with the centric company Criptovaluta: METACO. The topic is the recent implementation of a fully integrated cryptographic asset solution for companies.
Overall, this product is, in particular, aimed at the world of finance, in particular those involved in asset management. The idea of this product is to support "managing an existing client portfolio that works on any range of asset classes such as cryptocurrencies". This system would be able to control the management of the virtual currency called SILO METACO.
Any transaction undertaken using this new management system would allow each of them involving cryptocurrency resources, completely seamless for users. In addition, customers who use the asset management product will also be able to purchase, sell and conduct financial transfers without the need for an external cryptocurrency portfolio or a custom private key.
This new product will also do the effective work of the METACO hardware security module (HSM). This product allows the security of private keys and the management of portfolios and can assume functions similar to multi-signature support.
In a series of comments on the merger, the Chief Technology Officer for the group on behalf of Avaloq, Thomas Beck:
"Both for these institutions and for customers within the banking system, both Avaloq and METACO have spent some time considering the development of a product that could act as a fully integrated solution, which can therefore be offered to customers by their dedicated bank This thanks to the direct operation of METACO storage solutions, including asset management and banking customers, will not rely on third-party solutions when trading cryptocurrencies ".
The CTO added that the new product will also have the advantage of being simple and straightforward for general use.
The partnership in collaboration with Avaloq, second METACO, CEO and founder Adrien Treccani, shows that there are products in production to demonstrate the generalized adoption of virtual currency in the institutional sectors of the banking and financial sector.
Gazprombank, although operating as one of the national banks, is one of the 150 customers of Avaloq, then announced further plans, in order to allow the supply of a. virtual currency solution for its wide range of users by mid-2019.
Rise Of Mainstream Financial Institutions Using Cryptocurrencies
Even when the cryptocurrency world is experiencing a dramatic dip from the years before 2018. There have been a far greater number of institutions working to create new trading platforms with a higher level of security in order to better meet customer needs.
Fidelity Investments, an American company specialized in brokerage for over 72 years, has recently announced the launch of its institutional trading platform, known as Fidelity Digital Assets. This system will allow investors to conduct executions of cryptocurrency trade and custody services.
The European-based banking company, Expobank CZ, was one of the first traditional banks in the continental EU that has officially launched a new bank account. Indicated as an NEO account, which allows trading of virtual currencies such as Bitcoin (BTC). This account would also allow investors to participate in start-ups and the precious metals market.
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