The Swiss subsidiary Gazprombank (Switzerland) Ltd launched experimental Bitcoin trading.
The solution was developed in collaboration with fintech company Avaloq and Metaco and is intended to simplify cryptocurrency transactions.
“The new service enables transactions with cryptocurrencies to be as simple as transactions with traditional assets. Digital assets will gain increasing importance for our clients and the global economy,” said Roman Abdulin, CEO of Gazprombank (Switzerland) Ltd.
Gazprombank (Switzerland) Ltd became the first banking institution to join the industry association OpenVASP. It is engaged in compliance with FATF regulatory requirements for virtual asset service providers. Among its members are the cryptocurrency exchange Bitcoin Suisse and the cryptobank Sygnum.
Plans by Gazprombank to conduct cryptocurrency operations through its Swiss subsidiary were disclosed in spring 2018.
At the end of October Gazprombank (Switzerland) Ltd received approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate cryptocurrency accounts for corporate and institutional clients.
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