Gazprombank (Switzerland) Ltd, the Swiss registered bank that is wholly-owned subsidiary of Russia-based Gazprombank (JSC) has announced that it has received authorization to offer cryptocurrency accounts.

The Zurich-based bank, which is regulated by the Swiss Financial Market Supervisory Authority (FINMA), offers “all traditional corporate banking services in Switzerland and abroad.”

On Thursday (October 29), the Swiss bank announced that it had been authorized by FINMA to offer cryptocurrency accounts to corporate and institutional clients.

The bank’s press release said that in addition to traditional banking products/services, it is now able to offer its corporate and institutional clients “the safe custody of cryptocurrencies as well as trading
between crypto and fiat currencies.” At first, Gazprombank these new services will be provided to “a limited number of selected clients” and the only cryptocurrency supported will be Bitcoin. Later, Gazprombank will “expand the offering to include additional cryptocurrencies and other products and services.”

Roman Abdulin, the bank’s CEO, had this to say:

“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. We are very pleased to able to offer these services to our clients after years of professional development using top industry know-how. The authorization by the Swiss regulator FINMA marks a very important milestone for Gazprombank.”

Abdulin went on to say:

“Gazprombank is delighted to be able to contribute to the growth of the Swiss and global crypto and blockchain ecosystem.

“As a FINMA regulated financial institution, we are confident that we can add value by providing an increased level of trust to participants, both in terms of institutional-grade custody as well as between transactional partners. Our goal is to set a new benchmark in institutional client service.”

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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.