Announced on Tuesday, Gazprombank’s introduction of institutional crypto services comes following approval by the Swiss Financial Market Supervisory Authority. “Digital assets will become increasingly important for our clients and the global economy,” said the bank’s CEO, Roman Abdulin.
The crypto services, including investment management, asset custody and crypto accounts, were launched in partnership with fintech company Avaloq and digital security infrastructure provider METACO.
Gazprombank Switzerland said it has additionally become a member of the OpenVASP association, which seeks to develop an open protocol for the transmission of transaction between virtual asset service providers, or VASPs, and individuals.
This work seeks to enable crypto services to align with regulatory guidance from the Financial Action Task Force, including the so-called travel rule.
In collaboration with Swiss cryptocurrency finance company Bitcoin Suisse, the bank is additionally working on a uniform communication protocol for digital-asset payments between members of OpenVASP, as per the announcement.