One of the largest Russian state-owned banks, Gazprombank, is about to launch its own crypto-related trading platform to its clients in mid-2019, according to the press release of its official partner Avaloq.
It says the main idea of the upcoming project is "to provide banks and wealth managers with a fully integrated solution for the management of client portfolios across all asset classes including cryptocurrencies."
Gazprombank will collaborate with fintech firm Avaloq and crypto-asset custody specialist METACO.
It's expected that the new solution will simplify transactions with crypto and fiat currencies as simple as transactions involving traditional assets.
The technology that will be behind the future platform is being developed by METACO, which already has experience in high-grade cryptographic solutions. The new platform "will support a multi-signature system for transaction approval, therefore ensuring a true ‘four-eyes’ principle on cryptocurrency transactions," press release states.
Despite the Gazprombank's decision to enter crypto market, previously the president of the Russian Association of Cryptoindustry and Blockchain (RACIB) Yuri Pripachkin said in an interview to local news media Vedomosti that the central bank of Russia misunderstands the situation in the cryptocurrency market and puts crypto companies on pressure rather than helping them.
Earlier, Sberbank, BC Region, and NSD concluded the world's first trilateral repo deal on the Blockchain, using smart contract technology.
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