Arab Bank Switzerland has chosen Tezos to facilitate its plans to introduce crypto custody services to institutional investors.
Tezos is a decentralized, open-source proof of stake blockchain platform that supports peer-to-peer transactions and smart contracts.
Arab Bank Switzerland plans to leverage Tezos’ ecosystem to offer a digital assets friendly environment to institutions, corporations, and prominent individuals by integrating a number of features such as staking, trading, and custody services into Tezos blockchain’s native token (XTZ).
Arab Bank Switzerland and Tezos are a perfect match
Although the bank has been providing digital assets services since 2019, Managing Director, Head Treasury Rani Jabban believes that the collaboration aligns with the bank’s goal to introduce innovation to conventional financial products.
“As a pioneer in the private banking industry, having started our digital assets services in 2019, we will always endeavor to offer best-of-class assets and financial services to our clients.”
He added: “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 the last few years, Swiss banking institutions, encouraged by the country’s lax regulatory policies, have explored the crypto space more.
Some days ago, another Swiss bank, SEBA Bank AG, received a first of its kind CISA license from the Financial Market Authority (FINMA), allowing the bank to offer institutional-grade custodian services to customers.
Arab Bank of Switzerland may attempt to secure this license in the not too distant future.