Jedidiahzurik
On Thursday, the Zurich-based Gazprombank received official authorization, to engage in Business activities around the most popular cryptocurrency in the World; The Bitcoin.
Gazprombank is a subsidiary of Russia’s third (3rd) largest Bank.
And having been approved by the Switzerland’s Financial Regulator, they have been permitted to engage in the buying and selling of Bitcoin.
In addition to the purchase and sales, Gazprombank would also be allowed to engage in the trading and custody of BTC (Bitcoin).
Switzerland Officially Approves Gazprobank To Trade Bitcoin
If you are yet to a get piece of this Goldmine (cryptocurrency), then you should note that you are missing out on a lot of mind-blowing opportunities.
With the recent rise in the trading rate of Bitcoin, all traders have made enormous profits, owing to the recent spike in the currency.
Gasprobank would not be left out, as it has been officially permitted by the Swiss Financial Market Supervisory Authority (FINMA), to trade cryptocurrency (Bitcoin).
Due to the relevance of the information that has been provided on this page, we would have a brief look at the Gasprombank Ltd, and how her financial operations are being carried out.
About Gazprombank
Just as earlier mentioned, Gazprombank is a Zurich-based Bank, and it is owned by the Russian Gazprombank.
The parent Company of this top-notch financial Institution, is the third largest Bank in Russia, which happens to be the third largest financial Institution in the Eastern and Central Europe.
According to the Bank’s website, they are being judged in terms of equity, speed of transactions, and financial accountability.
Fortunately, it is a fully licensed Swiss Financial Institution, as they provide traditional Banking services and products, to both her Institutional and Corporate Customers.
If you are located within the Geographical regions mentioned in this article, then Gazprombank should be the answer to your needs, on financial transactions.
Approved For Bitcoin Trading
Since Gazprombank has been recently approved and permitted to engage in Business transactions, involving cryptocurrencies like Bitcoin, then it means that they will be offering services, such as the custody of cryptocurrencies, as well as the trading involving crypto and fiat currencies.
If you don’t know what “Fiat Currencies” are, then take note of the brief definition below;
“Fiat money or currency, is usually established as money, based on the Government regulation. It does not possess any form of Intrinsic value, as the value is being agreed upon by the Government, or parties that are engaging in exchange”.
Also, the Bank has stated that they will provide and offer these services (trading and custody of Bitcoin) to a limited number of selected clients.
In her words, they explained that the newly approved services will include Institutional grade storage solutions.
It would also include the sales, purchase, trading and custody of Bitcoin.
The Bank has also planned to expand, by including the trading services of other cryptocurrencies like;
- Ethereum
- Bitcoin Cash
- Litecoin
- Ripple Coin
And so much more.
They also talked about including other related products and services, as the public would be notified, once it has been put in place.
Gazprombank mentioned that her clients would have unrestricted access to cryptocuirrency liquidity, while the custody of the crypto would be handled by a Swiss regulated Bank.
Also, it was mentioned that the counterparty risk is minimal.
After the approval was finalized, Gazprombank opened up to the public, by saying that they expect digital assets to become essential in the Global Economy, as well as the current and potential clientele.
What do you think about this new development?
How do you think it will affect the Economy of the crypto world, both in Russia and Switzerland?
Kindly share your opinions in the comment section below.
James steller
