Just recently, Gazprombank was able to get approval that seems promising for the bank’s growth in the crypto-industry. The Gazprombank is a major privately-owned bank in Russia and is known for having an eye for technological integration for stability.

The bank has just received regulatory approval that allows the bank to have the custody to launch cryptocurrencies. However, the bank will be able to do it through its subsidiary that is based in Switzerland.

This information was confirmed by the Swiss officials in an official announcement that was made on the 29th of October, 2020. According to the announcement, the Gazprombank won approval from the Switzerland-based regulators, Swiss Financial Market Supervisory Authority.

The regulators have approved that the Gazprombank will have the crypto custody and ability to perform crypto-trades. With this approval, the bank will be able to offer these services to its corporate and institutional clients.

However, Gazprombank has announced that it will not go all out in offering its crypto-custody and trading services to the entire Swiss crypto-market. Initially, the bank will introduce its services only for a particular crypto-market that involves the Bitcoin (BTC) users.

The bank stated that at the start, their focus would be to gather feedback from the Swiss-based crypto-community. If things go as planned, the bank has plans to gradually expand its services from Bitcoin (BTC) to more cryptocurrencies. The bank clarified that the gradual growth will not only be limited to cryptocurrencies but would also introduce crypto-related products.

Roman Abdulin, the CEO at the Gazprombank had something to say regarding their recent achievement and crypto-industry’s future. Abdulin stated that the digital assets industry is gaining popularity and recognition very fast. In the coming years, digital assets will become an important aspect of the global economy.

Abdulin also stated that they are expecting the same from their first market, which is the Swiss crypto-users. They have big plans for the future related to the digital assets industry but in order for them to continue, they expect positive feedback from the targeted markets.