In the latest cryptocurrency news, we have the Swiss wing of Russia’s bank Gazprombank and its plans to start offering crypto assets services by mid-2019, as a new crypto press release officially published by the bank-tech partner Avaloq noted.
As the release says, the financial technology firm would build a fully integrated solution for the management of client portfolios across all asset classes, including crypto. Gazprombank is looking forward to integrating the solution into its services and with that cater to clients looking to incorporate crypto assets such as Bitcoin into their investment services.
The entire deal is another sign of how crypto adoption in Switzerland is moving in the right direction.
Avaloq won’t be alone in creating the crypto assets solution. The press release also notes that the fintech giant will get help from Silo which is a crypto-wallet management and storage product developed by Metaco, in within its Avaloq Banking Suite.
As the official announcement by the CTO of Avaloq, Thomas Beck states:
“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,” Thomas Beck, Group CTO at Avaloq, said. “By bringing together all asset classes in one portfolio view, the solution will also ensure the highest levels of convenience and usability.”
Gazprombank currently offers trade financing and commercial lending services, reportedly having relationships with a wealthy clientele. The bank recorded $24.7 million in profits last year alone, while the balance sheets counted roughly $3 billion in total.
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“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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