During a recently released statement, the Switzerland subsidiary of a Russian bank, Gazprombank Swiss received a greenlight on crypto custody. This means that the bank can offer cryptocurrency to its retail and corporate clients. This is huge news for digital currencies.
The regulatory approval has lifted the already bullish crypto market. According to reports, the bank will offer institutional-grade crypto storage. It will also facilitate the sale and purchase of BTC aka bitcoin. Sources have also revealed that the bank wishes to expand its services. They are looking to include many more digital currencies, but just cryptocurrencies but services and products as well.
The New Age Of Digital Currencies
Roman Abdulin, the CEO of Gazprombank Swiss, told media sources that the institution is ready to accept the fast-growing importance of digital currencies. Online assets, in general, have garnered much value in the last couple of months. Especially keeping in mind the COVID-19 pandemic, many have realized that cryptocurrencies and e-commerce are more viable options for a growing market and economy. Abdulin also said that Gazprombank Swiss is commuted to adapting to fiscal innovation. And in a time like this, innovation means advanced services, which is currently being achieved through blockchain technology and digital currencies.
He also said that the bank has earned this crypto custody approval after several professionals worked on the issue for years. This decision by FINMA, the Switzerland regulator, has opened up new avenues for the company.
Additionally, this development will surely accelerate the popularity of bitcoins and other digital currencies. Furthermore, corporate and retail clients are also looking forward to a ton of benefits. Firstly, this decision means that cryptocurrency liquidity will be uninterrupted for all the bank clients. Secondly, the cryptocurrencies and other online assets will be under the safety of Gazprombank Swiss, which is a trusted institution. Last but not least, all and any counterparty risks will be mitigated because of this deal.
Gazprombank Swiss Introducing Cryptocurrency Hotspot
Things have been pretty good for digital currencies lately. While many major stock market analysts have vouched for the growing popularity and value of cryptocurrency, a major decision like this has not been achieved by many countries. Keeping the latest updates in mind, it looks like Switzerland, via Gazprombank Swiss, is indicating that it wants to create a crypto hotbed inside its territory.
Earlier, a major insurance player from Switzerland had told its clients that they can pay via bitcoins or ether. This news adds to our theory that Switzerland is growing warm on digital currencies. Moreover, even the Switzerland parliament gave a green light to update the country’s existing financial and corporate laws. The updates will be positive for blockchain technology and cryptocurrencies.
Gazprombank Swiss is currently focusing on providing crypto-based services.