Switzerland approves Gazprombank to offer Bitcoin trading and custody services

Zurich-based Gazprombank, a subsidiary of Russia’s third-largest bank, has received approval from Switzerland’s financial regulator to offer a wide range of cryptocurrency services, including buying, selling, trading and custody of Bitcoin, New.Bitocin.com reported Nov. 3.

Gazprombank ...

Gazprombank recently announced 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 Gazprombank. According to the bank's website, its parent company is the third largest bank in Russia and the third largest bank in Central and Eastern Europe.

The bank is a fully licensed Swiss financial institution that provides traditional banking products and services to its corporate and institutional clients.

With the new approval, the bank will begin offering clients “cryptocurrency custody and trading between cryptocurrencies and fiat currencies.” The bank added that it will initially offer these services to a limited number of selected clients, detailing:

The new services will include institutional-grade storage solutions and the buying and selling of Bitcoin. Gazprombank plans to gradually expand its product range to include additional cryptocurrencies and other products and services.

Additionally, the announcement outlines the benefits of the new crypto product:

Clients have access to cryptocurrency liquidity, while the security management of the cryptocurrency is handled by a Swiss-regulated bank. In addition, counterparty risk is limited. We expect digital assets to become increasingly important in the global economy, especially for our current and potential clients.