A leading fintech company, a cryptocurrency asset firm and a Switzerland bank have come together to implement a crypto asset solution for banks and wealth managers.
Cryptocurrency Asset Solution for Banks and Wealth Managers
According to a press release by fintech company, Avaloq, a Swiss bank, Gazprombank Ltd, cryptocurrency company, METACO, and Avaloq, recently came together to implement an integrated digital currency asset solution.
The new product is targeted at banks and wealth managers to help with the “management of client portfolios across all asset classes including cryptocurrencies.” The system would use METACO’s virtual currency management and storage solution, SILO.
Also, transactions made using the new product would make cryptocurrency transactions seamless. Furthermore, clients using banking and wealth managing system can also purchase, sell, and transfer cryptocurrency without using a virtual currency wallet or a private key.
The new product also uses METACO’s Hardware Security Module (HSM). The HSM is secure for the storage of private keys and managing wallets and operations with multi-signature support.
Commenting on the merger, Group CTO at Avaloq, Thomas Beck, said:
For both institutions and bank clients, trust is key. Avaloq and METACO have considered this for the development of a fully integrated solution that can be offered to clients by their trusted bank. Thanks to the close integration of the METACO storage solution, banking and wealth management customers won’t have to trust additional third parties when trading with cryptocurrencies.
Beck added that the new solution would be highly convenient and easy to use.
METACO founder and CEO, Adrien Treccani, further said that the partnership with the fintech company, Avaloq, showed the mainstream adoption of virtual currency in wealth management and banking.
The Swiss bank, Gazprombank, one of Avaloq’s over 150 clients, also announced its plans to provide virtual currency services for its clients by mid-2019.
Adoption of Cryptocurrency in Mainstream Financial Institutions
Even in the face of the currency cryptocurrency market plunge, more mainstream financial institutions are adopting virtual currency. More institutions are creating cryptocurrency trading platforms with robust security to suit clients’ needs.
The 72-year old American brokerage company, Fidelity Investments, launched its institutional trading platform called Fidelity Digital Assets. The platform would provide cryptocurrency trade execution and custodial services for its investors.
Also, a European bank, Expobank CZ, was the first traditional bank in Europe to launch a bank account, called NEO account, that trades in virtual currencies such as Bitcoin. The NEO account would also invest in start-ups and precious metals.