Avaloq and Gazprombank go crypto for wealthtech
The aim of this project is to provide banks and wealth managers with a solution for the management of client portfolios across all asset classes including cryptocurrencies.
Gazprombank, which is already an Avaloq client, aims to offer a cryptocurrency service to its clients in mid-2019.
The solution will integrate SILO, Metaco’s crypto-wallet management solution, within the Avaloq Banking Suite. The two firms are already familiar with each other as Avaloq has a 10% stake in Metaco.
It will also allow banking and wealth management clients to buy, sell and transfer crypto assets and currencies, without any need for a crypto-wallet or private key management.
Adrien Treccani, founder and CEO of Metaco, says: “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.”
Metaco’s HSM (hardware security module) ensures a “military security” solution for storing private keys and managing wallets and operations. The new solution will support a multi-signature system for transaction approval.