22 January 2020; Davos, Switzerland – The OpenVASP initiative continues to gain momentum with new support from banking software provider Avaloq as was announced today during the “Global AML Regulations in Practice” event at the Belvédère Steigenberger Hotel in Davos.

Since its launch in November 2019, OpenVASP has gained momentum with five Swiss-based entities committing resources to build the first technical implementation of the OpenVASP solution. Banking software provider, Avaloq, is the most recent to join Bitcoin Suisse, Lykke, Seba Bank, Sygnum Bank and law firm MME.

The initiative’s broad support on the international stage also comes from the International Digital Asset Exchange Association (IDAXA) and the Crypto Valley Association (CVA).

After the initial formation of a working group in December 2019, Avaloq becomes the fifth company to step forward and commit resources towards the development of a working, technical implementation of the OpenVASP protocol vision. With this addition, the working group gains significant know-how in the development of banking-grade software, to build upon the deep crypto asset and market knowledge of Bitcoin Suisse and Lykke as well as the combined financial services experience of Seba Bank and Sygnum Bank.

Philippe Meyer, Head of Blockchain at Avaloq commented: “At Avaloq, we are excited to develop the market further in tackling the biggest challenges in technology and that includes the regulatory hurdles for crypto assets. Supporting the OpenVASP means helping enable new progress in finance in Switzerland and beyond.”

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