Bitcoin
$ 37,246
Ethereum
$ 1,265.9
Litecoin
$ 148.61

Swiss Arm of Huge Russian Bank to Offer Bitcoin Custody, Trading

The Swiss arm of one of Russia’s largest banks yesterday announced that it would offer crypto custodian and Bitcoin exchange services to the businesses and institutions it counts as customers.

The Swiss subsidiary of Gazprombank, Russia’s third-largest bank, has received authorization from the Swiss Financial Market Supervisory Authority (FINMA) to offer “the safe custody of cryptocurrencies as well as trading between crypto and fiat currencies to its corporate and institutional clients.”

It’s effective immediately, but only for “a limited number of selected clients,” chosen through “a stringent evaluation process.” And just Bitcoin for now.

“We expect digital assets to become increasingly important in the global economy and, in particular, for our current and potential clientele,” said CEO Roman Abdulin in a statement.

Gazprombank said that the advantage to clients is cryptocurrency liquidity, reduction of counterparty risk (FINRA regulated bank beats crickethead99 on LocalBitcoins.com), and security.

“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,” said Abdulin.

Gazprombank’s one-time parent company was Gazprom, a Saint Petersburg-headquartered energy firm that’s partly owned by the Russian state.

Cryptocurrency regulation is far more stringent back in the motherland, where cryptocurrencies are legal to own, but illegal to use for payments. Oh, and LocalBitcoins.com is blocked.

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

Rumored new SEC head Gary Gensler could spell more regulation for digital asset industry
January 16, 2021By
Former Coinbase lawyer steps down as acting head of bank regulator OCC
January 16, 2021By
Kentucky legislators unveil plan to attract block reward miners
January 16, 2021By

Advertisement

Video Posts

In
The Future of Blockchain and Crypto in 2021
January 13, 20210
In
Importance Of Blockchain and Crypto Education
January 12, 20210

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin37,246 0.98 % 3.08 % 8.75 %
Ethereum1,265.9 0.54 % 9.28 % 3.45 %
Tether1.000 0.14 % 0.00 % 0.24 %
Polkadot17.56 1.32 % 30.91 % 88.50 %
XRP0.2862 0.68 % 3.33 % 11.00 %
Cardano0.3464 2.88 % 14.42 % 12.47 %
Litecoin148.61 1.15 % 5.80 % 14.17 %
Bitcoin Cash507.23 0.25 % 5.70 % 15.79 %
Chainlink22.08 0.94 % 14.97 % 44.41 %
Stellar0.2981 1.22 % 6.57 % 1.66 %