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Thomas Beck, group chief technology officer, Avaloq

Swiss bank, Gazprombank has partnered with Avaloq and Switzerland-based distributed ledger infrastructure organization, METACO to implement their integrated crypto asset solution.

METACO, a firm backed by Avaloq, SICPA, Swisscom and Swiss Post will integrate SILO, its highly secure crypto-asset custody solution for institutional clients within the Avaloq Banking Suite.

Adrien Treccani, founder and chief executive officer, METACO, said, “This innovation partnership with Avaloq is a truly exciting evolution towards the mainstream use of cryptocurrencies and crypto assets and their integration into a banking and wealth management proposition.”

The new offering which is aimed at banks and wealth managers will provide a tool to buy, sell, transfer and manage client portfolios across all asset classes including cryptocurrencies. The solution supporting a multi-signature system for transaction approval will be secured by METACO’s HSM (Hardware Security Module) ensuring a “military security” solution for storing private keys and managing wallets and operations.

A current customer of the Avaloq banking suite, Gazprombank plans to offer the cryptocurrency service to its clients in mid-2019.

Thomas Beck, group chief technology officer at Avaloq, commented, “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. By bringing together all asset classes in one portfolio view, the solution will also ensure the highest levels of convenience and usability.”

Adrien Treccani, further said, “We know that security and secure custody are of paramount importance and METACO’s multi-signature support will make the solution fully capable for institutional use.”

by Sumit Vengurlekar
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