The Swiss division of Gazprombank conducted the first transactions in bitcoins as part of new services for digital assets. The bank also joined the OpenVASP association.
According to Gazprombank Ltd, the bank launched institutional cryptocurrency services for its clients and conducted the first Bitcoin transactions. Last month, the bank received a license from the Swiss Financial Market Supervisory Authority (FINMA), which allows it to provide services in cryptocurrencies to corporate and institutional clients.
“Digital assets will become increasingly important for our clients and the global economy,” said Roman Abdulin, CEO of the bank.
Cryptocurrency services, including cryptocurrency accounts, investment management and asset custody, were developed in partnership with Avaloq and digital security infrastructure provider METACO.
Gazprombank Ltd also announced that it has become a member of the OpenVASP Association. Its goal is to develop an open protocol for transferring information about transactions between cryptocurrency service providers and individuals. This work aims to make it easier for cryptocurrency services to comply with the recommendations of the International Financial Action Task Force on Money Laundering (FATF).
The bank is also working on a unified communication protocol for payments in digital assets between OpenVASP members in partnership with Swiss cryptocurrency finance firm Bitcoin Suisse, according to the statement.