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The Swiss branch of the Russian state-owned bank Gazprombank officially announced plans to create a digital currency platform in mid-2019. The banking institution has already formed a partnership with Avaloq and Metaco, the competent fintech companies.
The main technology
Metaco will be responsible for supplying the main technology of the new cryptographic service called SILO. It is a custody solution that offers users the opportunity to securely reserve cryptocurrency and execute transactions, as it perfectly meets the needs of financial institutions.
Furthermore, SILO is planned to be installed in a Banking Suite product designed by Avaloq. The company mainly deals with the supply of banking products directly to financial institutions such as HSBC, Barclays and Royal Bank of Scotland. The unique feature of Banking Suite is the ability to provide users with access to a wide range of actions, including customer engagement and account balancing.
Improvement of security
If the press release is something that must happen, Gazprombank will launch its cryptographic services platform next year, which will offer its services to purchase, sell and transfer cryptographic assets on behalf of customers. The developers also note that interaction with a platform will not require any cryptographic portfolio or private key management. In addition, the project has a hardware security module integrated into the system, which offers a high level of security for the management, processing and storage of all necessary data.
The crypto community welcomes banking institutions that introduce encryption services because they could favor the adoption of digital currency and fintech. According to Vladislav Kiselev, successful serial entrepreneur, crypto-investor and founder of The JOY, an ecosystem for consumers and suppliers of beauty and wellness treatments, "banks no longer consider cryptocurrencies as a threat and will start using them to protect their business processes or to offer their customers a wider range of financial products than competitors. "
He told Coinidol:
"I think that in the future we will see more banks adopting new technologies to be on a par with the trends of modern cryptocurrency, although there are still regulatory problems in many countries that will prevent banks from entering this field for a while. I do not think that it will radically change the market at the moment: if the regulations in most developed countries changed, this would represent a real stimulus for the adoption of cryptocurrencies by the banks.
However, even the emergence of encryption services from traditional small-scale banks will lead to an increase in the overall encryption utility which is certainly a good sign for the encrypted markets ".
