Zurich-based Gazprombank, a subsidiary of Russia’s third-largest bank, has been approved by Switzerland’s financial regulator to offer a number of cryptocurrency services, including the buying, selling, trading, and custody of bitcoin.
Gazprombank Approved to Offer Bitcoin Services
Gazprombank (Switzerland) Ltd. announced Thursday that it has received authorization from the Swiss Financial Market Supervisory Authority (FINMA) to provide cryptocurrency services. The Zurich-based bank is wholly owned by Russian Gazprombank. The parent company is the third-largest bank in Russia as well as the third-largest in Central and Eastern Europe in terms of equity, according to the bank’s website.
A fully licensed Swiss financial institution, Gazprombank (Switzerland) provides traditional banking products and services to its corporate and institutional customers.
With the new approval, the bank will begin offering its clients “custody of cryptocurrencies as well as trading between crypto and fiat currencies.” The bank added that initially it will provide these services to a limited number of selected clients, elaborating:
The new services will include institutional-grade storage solutions and the purchase and sale of bitcoin. Gazprombank plans to gradually expand the offering to include additional cryptocurrencies and other products and services.
“The clients get access to cryptocurrency liquidity, while the safekeeping of the cryptocurrencies is taken care of by a Swiss regulated bank. Furthermore, the counterparty risk is limited,” the announcement outlines, detailing the benefits of the new crypto offering, adding:
We expect digital assets to become increasingly important in the global economy and, in particular, for our current and potential clientele.
What do you think about Gazprombank providing crypto services? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.