Gazprombank's Swiss bank receives approval to provide crypto custody services to clients

The Swiss Financial Market Supervisory Authority (FINMA) has authorized Gazprombank Ltd to offer cryptocurrency custody services as well as trading between crypto and fiat currency, according to a release published Oct. 29. 

Such services are intended for the bank’s corporate and institutional clients and, after following a stringent evaluation process, will extend to a limited number of patrons. Gazprombank will provide institutional-grade storage solutions, as well as the purchase and sale of Bitcoin. The bank intends to slowly expand its offering to additional cryptocurrencies as well as other products and services. 

“We are very pleased to be able to offer these services to our clients after years of professional development using top industry know-how,” says CEO Roman Abdulin in the statement. “The authorization by the Swiss regulator FINMA marks a very important milestone for Gazprombank.” 

Gazprombank (Switzerland) is a Swiss-registered bank that is owned by Gazprombank, headquartered in Russia.