avaloq
Industry NewsDecember 08, 2018

Swiss-based Gazprombank to Implement Crypto Solution by Metamaco and Avaloq

Thomas Beck, Group CTO at Avaloq
Thomas Beck, Group CTO at Avaloq

Avaloq has announced that the Switzerland subsidiary of Russian state-owned bank Gazprombank have entered into an innovation partnership with Avaloq crypto-asset custody infrastructure specialist METACO to implement a crypto asset solution.

The product is designed to provide banks and wealth managers with a fully integrated solution for the management of client portfolios across all asset classes including cryptocurrencies. Gazprombank (Switzerland) Ltd aims to offer a cryptocurrency service to its clients in mid-2019.

The crypto asset solutions will seamlessly integrate SILO, METACO’s crypto-wallet management and storage solution, within the Avaloq Banking Suite, providing security and ease of use. Transactions with crypto assets and currencies will be made as simple as transactions involving traditional assets and will allow banking and wealth management clients to buy, sell and transfer crypto assets and currencies, with their positions displayed in one consolidated view with all other assets in their portfolio, without any need for a crypto-wallet or private key management.

Thomas Beck, Group CTO at Avaloq, commented: “For both institutions and bank clients, trust is key. Avaloq and METACO have considered this for the development of a fully integrated solution that can be offered to clients by their trusted bank. Thanks to the close integration of the METACO storage solution, banking and wealth management customers won’t have to trust additional third parties when trading with cryptocurrencies. By bringing together all asset classes in one portfolio view, the solution will also ensure the highest levels of convenience and usability.”
Avaloq owns 10 percent of METACO and its market-leading, high-grade cryptographic solutions that can be fully integrated into a bank’s core processes. METACO’s Hardware Security Module ensures a secure solution for storing private keys and managing wallets and operations with a multi-signature system for transaction approval.
Adrien Treccani, Founder and Chief Executive Officer of Metaco
Adrien Treccani, Founder and Chief Executive Officer of Metaco

Adrien Treccani, Founder and Chief Executive Officer of METACO, added: “This innovation partnership with Avaloq is a truly exciting evolution towards the mainstream use of cryptocurrencies and crypto assets and their integration into a banking and wealth management proposition. We know that security and secure custody are of paramount importance and METACO’s multi-signature support will make the solution fully capable for institutional use.”

In June 2018, announced that it will build a private “Swiss Banking Cloud” together with IBM, which will provide to Avaloq private cloud infrastructure services in Switzerland as well as access to its global cloud resources and capabilities as part of a hybrid cloud environment. Last year, Warburg Pincus has acquired approximately 35 percent of Avaloq from existing shareholders, valuing the company in excess of CHF 1 billion.
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