Switzerland allows Gazprombank to trade and store bitcoin

The Zurich-based subsidiary of Gazprombank has been approved by the Swiss financial regulator tooffering a range of cryptocurrency services, including buying, selling, trading, and storing Bitcoin.

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 subsidiary, a fully licensed Swiss financial institution, providestraditional 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:

"Customers get access to the liquidity of the cryptocurrency, and the custody of the cryptocurrency is handled by a Swiss regulated bank.In addition, counterparty risk is limited." 

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