The subsidiary of Russia’s third largest bank, Gazprombank, located in Zurich, has been approved by the Swiss financial regulator to provide a variety of cryptocurrency services, including the purchase, sale, transaction and custody of Bitcoin.

Gazprom was approved to provide Bitcoin services

Gazprombank (Switzerland) Ltd. announced on Thursday that it has been authorized by the Swiss Financial Market Supervisory Authority (FINMA) to provide cryptocurrency services. The Zurich-based bank is wholly owned by Gazprom. According to the parent company’s website, the parent company is the third largest bank in Russia and the third largest bank in Central and Eastern Europe.

Gazprombank (Switzerland) is a fully licensed Swiss financial institution that provides traditional banking products and services to corporate and institutional clients.

After obtaining the new approval, the bank will begin to provide customers with “cryptocurrency custody and transactions between cryptocurrency and fiat currency.” The bank added that initially it will provide these services to a few selected customers, detailing:

New services will include institutional-level storage solutions and the buying and selling of Bitcoin. Gazprom plans to gradually expand its product range to include other cryptocurrencies and other products and services.

“Customers can obtain the liquidity of cryptocurrency, and the custody of cryptocurrency is the responsibility of Swiss-supervised banks. In addition, the counterparty risk is limited.” The announcement outlines the benefits of the new cryptocurrency product and adds :

We hope that digital assets will become more and more important in the global economy, especially for our current and potential customers.

How do you think Gazprom provides encryption services? Let us know in the comments section below.

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