Banking technology supplier Avaloq and crypto infrastructure firm Metaco have partnered with Gazprombank, a Swiss bank, to implement their integrated crypto asset solution, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

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, said: “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.

Avaloq demonstrated its double marketplace at FinovateAsia 2018 last month. The double marketplace is a new feature of the company’s ecosystem that brings the app store concept to banking. Headquartered in Zurich, Switzerland, Avaloq was founded in 1985.

Avaloq has unleashed a new subsidiary, Avaloq Ventures, to offer venture capital funding and join the hunt for start-ups and fintech action, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

Zurich-headquartered Avaloq Ventures will enable funding for fintechs partnering with Avaloq, e.g. by offering their solutions on Avaloq’s Software Exchange.

It will be led by Johannes Minho Roth, an alternative investments and fintech entrepreneur. He worked for FiveT Capital and Baader Bank among others. Avaloq founder and group chairman Francisco Fernandez will be chairman.

Roth said: “We will look to identify, fund and support the most innovative start-ups and companies with the greatest growth potential. They will be able to leverage their access to Avaloq’s client community of more than 150 banks and wealth managers worldwide.”

Avaloq Ventures will look to partner with third-party investors such as banks, wealth and asset managers, and established fintech companies in providing capital. The size of funding will be decided on a case-by-case basis.

It naturally plans to use the Avaloq Community and Avaloq’s connections. The latter says more than 1,300 third-party fintech developers work with it and over 90 third-party fintech solutions are available on its market place.