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Gazpron's banking division, Gazprombank, is working with Metaco and Avaloq to provide institutional investors with encrypted custody services in 2019.
A press release dated December 6 revealed that: METACO said that this decision is part of a joint effort that has been active for some time.
They can also boast that the service will start operations in the second quarter of 2019:
"The Fintech Avaloq leader and the METACO * asset encryption specialist have entered into an innovation partnership with Gazprombank (Switzerland) Ltd, a Swiss bank, to implement their integrated encryption solution. to provide banks and asset managers with a fully integrated solution for managing customer portfolios in all asset classes, including cryptocurrencies, Gazprombank (Switzerland) Ltd, which is already Avaloq customer, intends to offer a cryptocurrency service to its customers in mid-2019. "
The 3 companies involved have revealed that the service will focus on security. Furthermore, for this reason, Gazprombank will create a product using the SILO technology ("an extremely secure asset encryption solution for institutional clients" developed by METACO). This product, in turn, will work inside the Avaloq Banking Suite.
Group CTO of Avaloq, Thomas Beck assured that the collaboration will offer a high quality product. It will also be very user-friendly.
"For both institutions and banking customers, trust is 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. METACO storage, customers in the banking and asset management sector will not have to rely on additional third parties during cryptocurrency trading, bringing together all asset classes in a single portfolio view, the solution will also ensure the highest levels of practicality and usability. "
Although Russia has maintained a position in some situations contrary to the use of cryptography, its policy has revealed a great interest in the technological development of the blockchain.
Gazprom is a key sector for the Russian economy (Gazprom is the main supplier of gas in Europe), it could mean that with this decision, the harsh vision of the state regarding this will be lightened.
We must also note that Gazprombank is a company based in Switzerland, so no legal matter could complicate the operation of the new crypto-custody service.
