Gazprombank is considered one of the largest financial institutions based in Russia. The bank’s subsidiary Gazprombank Swiss has been given a green light for launching cryptocurrency offerings in Switzerland. According to an announcement on October 29, the financial regulatory authority of Switzerland the Swiss Financial Market Supervisory Authority (FINMA) has granted the bank regulatory approval for rolling out digital currency trading and custodial services for institutional customers in the country.
Prior to this, Gazprombank is providing its services and traditional banking products to its institutional customers and clients such as corporate and investment funds. Now after getting authorization from the country’s financial regulator FINMA, it will also be able to provide its institutional as well as corporate customers with custodial and trading services on digital currencies. Only the trading of the world’s largest digital currency Bitcoin (BTC) is supported by the bank. However, the major financial institution has said to add support for more digital currencies in the future. It will also be expanding the list of products and services as well.
As per the official press release, only a selected number of institutional clients will be able to access these services provided by the bank initially. They can buy and sell Bitcoin. They will be provided with institutional-grade storage solutions. A Swiss regulated bank has been given the responsibility to take care of the digital currencies’ safekeeping.
It is really a significant milestone for the bank to get authorization from the Swiss Financial Market Supervisory Authority, said the Chief Executive Officer (CEO) of Gazprombank Roman Abdulin. He said that they are happy about offering cryptocurrency trading and custody services to their clients.
“We expect digital assets to become increasingly important in the global economy and, in particular, for our current and potential clientele. Being committed to continuous financial innovation, we strive to offer our clients advanced banking services at the highest level of quality. Our blockchain solution provides uncompromising security as well as ease of use,” he added.
Privately-owned by Russia’s Gazprombank, this Switzerland-registered subsidiary has been making efforts for rolling out digital currency services in the country since the year 2018. Finally, it has succeeded in its mission.