Gazprom’s banking arm – Gazprombank – has announced that it’s working with Avaloq and Metaco to develop a crypto trading platform for its clients. Gazprombank’s customers will be able to buy, sell, and hold cryptos without the need for fiddling with crypto wallets, complex passwords, and login sequences. Its new platform is designed with ease of use in mind and will give clients a refreshingly easy way to buy cryptos.
Not Your Keys, Not Your Crypto
There are many platforms out there that offer this same service, but the argument of whether you actually own the cryptos remains. Without access to the private keys linked to the crypto wallet that holds your coins, then it’s technically not your crypto, with questions remaining over ownership. If you want to be sure that you’re actually buying real cryptocurrencies, then use a platform where you have access to the private keys. Remember – not your keys, not your crypto.
Transferring Away From the Platform
Unlike other simple and easy to use crypto trading platforms, you will actually be able to transfer your cryptos out of your Gazprombank account. You can send instructions to the bank to transfer your cryptos to any wallet you desire, and once the transaction has been confirmed by the network, the crypto will be on its way. This type of facility is hard to find when it comes to easy-to-use crypto trading platforms, so it’s well worth looking into getting your own Gazprombank account.
Gazprom Already Dabbling in Blockchain
This won’t be Gazprom’s first foray into the blockchain world. Earlier this year Gazprom’s ground handling service – Gazprom Neft – announced that it’s creating a blockchain solution for aircraft refueling with S7 – a low-cost Russian airline. This new blockchain solution will remove millions of dollars’ worth of risk and frozen funds from the refueling process thanks to smart contracts.
TD Ameritrade Joining the Party
Under a similar arrangement to Gazprombank, TD Ameritrade is also looking to get into the crypto trading scene. TD Ameritrade recently invested heavily into a crypto trading startup, with the goal of using the startup’s software to provide its clients with access to global crypto markets. It’s becoming more popular for banks to offer crypto trading rather than letting clients transfer funds to a third-party crypto exchange. Banks around the world are slowly blocking transfers to crypto exchanges to force clients to use the banks own crypto trading platform.
Thankfully, you already completed the KYC process when you created your Gazprombank account, meaning you won’t have to go through the tedious process again. This new trading platform could help to spark a new wave of traditional banks offering crypto trading on top of their stock trading platforms. With every passing day, 2019 is looking set to be crypto’s biggest year yet!