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.

Nov 24, 2020 at 11:39 a.m. UTC
Updated Sep 14, 2021 at 10:34 a.m. UTC

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.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

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.

Trending

1
Argo Blockchain Q1 Net Income Plunges 90% to $2.1M

Bitcoin was priced in the $40,000 range for much of Q1 compared with nearly $60,000 in the same period a year earlier.

Bitcoin was priced in the $40,000 range for much of Q1 compared with nearly $60,000 in the same period a year earlier.

2
Nearly 5,505 Ether, or $10M of the $625M Ronin Exploit, Are on the Move

Over 5,505 ether connected to the Ronin exploiter address seem to be on the move via privacy exchange Tornado Cash, blockchain data shows.

Over 5,505 ether connected to the Ronin exploiter address seem to be on the move via privacy exchange Tornado Cash, blockchain data shows.

3
First Mover Asia: USDC Hasn’t ‘Flippened’ USDT, but Trader Preferences Are Changing; Cryptos Rise Despite Bearishness

A Glassnode analyst suggests the collapse of the UST token has triggered a change in investors' stablecoin preferences; bitcoin holds above $30,000.

A Glassnode analyst suggests the collapse of the UST token has triggered a change in investors' stablecoin preferences; bitcoin holds above $30,000.

4
Musk Sets New Condition for Twitter, Citi Says Terra’s Fallout Unlikely to Hit Wider Financial System

The most valuable crypto stories for Tuesday, May 17, 2022.

The most valuable crypto stories for Tuesday, May 17, 2022.