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An important fintech company, a cryptocurrency asset company and a Swiss bank have come together to implement an encryption solution for banks and asset managers.
Cryptocurrency asset solution for banks and asset managers
According to a press release from the fintech company, Avaloq, a Swiss bank, Gazprombank Ltd, a cryptocurrency company, METACO and Avaloq, recently joined forces to implement an integrated digital currency solution.
The new product is aimed at banks and asset managers to assist in "managing client portfolios in all asset classes including cryptocurrencies". The system will use METACO, SILO's virtual currency storage and management solution.
Furthermore, transactions carried out using the new product would make cryptocurrency transactions seamless. In addition, customers who use the banking and asset management system can also purchase, sell and transfer cryptocurrency without using a virtual currency portfolio or private key.
The new product also uses the METACO Hardware Security Module (HSM). HSM is safe for storing private keys and managing portfolios and operations with multi-signing support.
Commenting on the merger, Avaloq Group CTO, Thomas Beck, said:
Trust for both banks' institutions and customers is the key. Avaloq and METACO have considered it for the development of a fully integrated solution that can be offered to customers by their bank of trust. Thanks to the close integration of the METACO storage solution, customers in the banking and asset management sector will not have to trust additional third parties during cryptocurrency trading.
Beck added that the new solution would be very convenient and easy to use.
METACO founder and CEO, Adrien Treccani, also said that the partnership with the fintech company, Avaloq, has shown the traditional adoption of virtual currency in asset and banking management.
The Swiss bank Gazprombank, one of more than 150 Avaloq customers, has also announced plans to provide virtual currency services for its customers by mid-2019.
Adoption of cryptocurrency in mainstream financial institutions
Even in the face of the collapse of the currency cryptocurrency market, more traditional financial institutions adopt virtual currency. Other institutions are creating cryptocurrency trading platforms with robust security to meet customer needs.
The 72-year-old American brokerage firm, Fidelity Investments, has launched its institutional trading platform called Fidelity Digital Assets. The platform will provide custody and cryptocurrency services for its investors.
In addition, a European bank, Expobank CZ, was the first traditional bank in Europe to launch a bank account, called the NEO account, which trades in virtual currencies like Bitcoin. The NEO account will also invest in start-ups and precious metals.
Image courtesy of Shutterstock.
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