Arab Bank Switzerland Picks Tezos for Institutional Custody Service

Jafrin  |  Oct 6, 2021

Arab Bank Switzerland has announced that it will enable its institutional clients to store, stake, and trade XTZ, the native cryptocurrency of the popular blockchain project Tezos. The announcement comes amid the token’s recent price surge which recently led to a new all-time high.

Arab Bank Switzerland Picks Tezos for Digital Financial Products

According to an announcement, Arab Bank Switzerland has selected Tezos to allow its customers to stake, store, and trade the XTZ token on its institutional-grade platforms.

Founded over 50 years ago, Arab Bank Switzerland is a private bank that offers institutional-level custody and trading services for digital assets. The bank also provides customized services to other financial institutions, corporate entities, and high net worth individuals looking to invest in digital assets.

The launch of the staking, trading and custody services for Tezos positions as a leading provider of digital assets marks a milestone among Switzerland’s private banks.

Commenting on the initiative, Rani Jabban, Managing Director of the bank, 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.”

Multiple Partnership Deals

Tezos was one of the earliest layer one blockchains that adopted a Proof of Stake approach that boasts of low-gas fees, yield farming protocols, cross-chain utility, efficient DEXs, popular NFT platforms, and more.

Tezos platform had over 3.2 million contract calls in August, making it one of the fastest expanding blockchain ecosystems. Popular brands and projects such as Red Bull Racing, Honda, Ubisoft, McLaren Racing, Interpop, OneOf, Hic-Et-Nunc, and more have built applications using the Tezos blockchain.

The blockchain already has experience with working with large banks. Back in April, the protocol partnered with Societe Generale as the French institution wanted to employ the Tezos blockchain to issue its own security token. Additionally, Tezos has cooperated with multiple Swiss-based organizations such as Crypto Finance Group, InCore Bank, and Inacta to enable asset tokenization.

Related News