Arab Bank Switzerland, the independent sister company of Arab Bank, announced on the 4th that it will handle trading, staking, and custody of cryptocurrency Tezos (XTZ) for its institutional clients.
The 50-year old bank partnered with Tezos amid its recent price surge, leading to an All-Time High (ATH) of $8.9.
Arab Bank is a major financial institution based in Jordan, Middle East, with over 600 branches in five continents. Its Swiss branch, Arab Bank Switzerland, mainly provides private banking services, with a total AUM equivalent to $5 billion as of December 2020.
According to the press release issued, the bank will facilitate Tezos’ ecosystem to develop new “innovative and compliant” on-chain digital financial products.
Rani Jabban, Managing Director of the Swiss branch, said:
“Digital Assets are a cornerstone of our strategy, requiring strong agility while complying with the highest security standards. Our mission is to bridge tradition and cutting-edge innovation. Tezos, with its scalability, high-quality governance and staking possibilities, fits perfectly within our vision.”
In addition to Tezos, the bank was known for providing exposure in Bitcoin and Ethereum to wealthy and institutional clients since 2019.
Arab Bank Switzerland is one of the latest banks to leverage from the country’s sparing regulations on cryptocurrencies. Just recently, Swiss bank SEBA Bank AG was granted the CISA license from FINMA to offer premium custodial services for investment schemes.
Tezos has also gained massive attention from European financial institutions and companies. In April, major French bank Societe Generale Group issued its security tokens on the Tezos blockchain. In addition, Tezos was adopted by the Swiss fintech trio – Crypto Finance Group, InCore Bank, and Inacta – to enable asset tokenization.