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.
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.”