Gazprombank Switzerland Executes First Bitcoin Trades, Announces Payments Initiative

The regulated Swiss bank said it is working on developing a standard for cryptocurrency payments between members of the OpenVASP association.

AccessTimeIconNov 24, 2020 at 11:39 a.m. UTC
Updated Sep 14, 2021 at 10:34 a.m. UTC
Alex Thorn
Head of Firmwide Research
Galaxy
Hear Alex Thorn share his take on "Bitcoin and Inflation: It’s Complicated” at Consensus 2023.
Alex Thorn
Head of Firmwide Research
Galaxy
Consensus 2023 Logo
Hear Alex Thorn share his take on "Bitcoin and Inflation: It’s Complicated” at Consensus 2023.
Alex Thorn
Head of Firmwide Research
Galaxy
Hear Alex Thorn share his take on "Bitcoin and Inflation: It’s Complicated” at Consensus 2023.
Alex Thorn
Head of Firmwide Research
Galaxy
Consensus 2023 Logo
Hear Alex Thorn share his take on "Bitcoin and Inflation: It’s Complicated” at Consensus 2023.

Gazprombank (Switzerland), an arm of the bank owned by Russian energy giant Gazprom, has carried out the first client transactions as part of its new bitcoin services.

Announced Tuesday, the bank's launch of institutional cryptocurrency services comes after approval was granted by the Swiss Financial Market Supervisory Authority.

"Digital assets will become increasingly important for our clients and the global economy," said the bank's CEO, Roman Abdulin.

The cryptocurrency services, including cryptocurrency accounts, investment management and asset custody, were developed in partnership with fintech firm Avaloq and digital security infrastructure provider METACO.

Gazprombank (Switzerland) said it has also become a member of the OpenVASP association, which aims to develop an open protocol for the transmission of transaction information between virtual asset service providers (VASPs) and individuals. This work seeks to make it easier for cryptocurrency services to align with regulatory guidance from the Financial Action Task Force – including the so-called travel rule.

In partnership with Swiss crypto finance firm Bitcoin Suisse, the bank is also working on a uniform communication protocol for digital-asset payments between members of OpenVASP, according to the announcement.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.