One of Russia's largest state-owned banks is developing crypto-banking services for institutional clients

Gazprombank, a state-owned Russian bank, announced that it is developing "cryptocurrency-linked banking services" for financial institutions, institutional clients, and corporations participating in crypto. The new offerings will include crypto custody, cryptocurrency investments, as well as crypto payment services. According to Gazprombank the release of these services is "expected to be made in several steps over the course of 2019 and upon FINMA’s authorization of the products." Gazprombank is Russia' third-largest bank, by assets under management. The bank is regulated in Switzerland and is a subsidiary of Gazprom, the world's largest oil producer. (Source: Gazprombank)

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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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