The Zurich-based subsidiary of Gazprombank has been approved by the Swiss financial regulator for offering a range of cryptocurrency services including buying, selling, trading and storing bitcoins.
Gazprombank Ltd is wholly owned by the Russian Gazprombank. The parent company is the third largest bank in Russia and Central and Eastern Europe in terms of equity capital.
The Zurich division, a fully licensed Swiss financial institution, provides traditional banking products and services to its corporate and institutional clients.
With new opportunities, the bank will start offeringto its clients "storage of cryptocurrencies, as well as trade between cryptocurrencies and fiat currencies." The bank added that it will initially provide these services to a limited number of select clients, specifying:
New services will include storage solutionsinstitutional level data, as well as buying and selling bitcoins. Gazprombank plans to gradually expand its offer to include additional cryptocurrencies and other products and services.
The press release notes:
“Clients get access to the liquidity of the cryptocurrency, and a Swiss regulated bank is in charge of storing the cryptocurrency. In addition, counterparty risk is limited. ”
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