Arab Bank has an independent sister company in Switzerland.
Arab Bank Switzerland announced on Tuesday that it will integrate staking, trading, and custody services into the Tezos blockchain’s native token (XTZ) in an effort to provide a digital asset environment for institutions, corporations, and high-net-worth individuals.
The 50-year-old business partnered with Tezos in the hopes of benefiting from the ecosystem’s inherent emphasis on energy conservation, low-gas fees, and quick upgrades.
Following the announcement, Rani Jabban, Managing Director of Arab Bank Switzerland, commented on the institution’s ambitions:
“Digital Assets are a cornerstone of our strategy, necessitating high agility while adhering to the strictest security standards. Our mission is to bridge the gap between tradition and cutting-edge innovation. Tezos, with its scalability, high-quality governance, and staking capabilities, is an ideal fit for our vision.”
Swiss banking institutions have become prominent spearheads for the global crypto community’s adoption of digital assets in recent years, owing to the country’s lax regulatory policies.
Just last week, SEBA Bank AG, a fellow Swiss banking institution, became one of the world’s first digital asset banks to be granted a FINMA CISA license to facilitate a premium-grade custodial service for Swiss collective investment schemes.
The Tezos token has continued its bullish trend this week, rising 45.50 percent after a parabolic couple of months for the asset. Much of this technical momentum can be attributed to the platform’s nonfungible (NFT) support last month, which prompted a collaboration with U.S. musician Doja Cat.