Arab Bank has chosen Tezos to facilitate institutional custody service. In order to create a digital asset ecosystem for institutions, businesses, and high-net-worth people, Arab Bank Switzerland said on Tuesday that it will integrate staking, trading, and custody services onto the Tezos blockchain’s native token (XTZ).
Tezos collaborated with the 50-year-old establishment in the hopes of profiting from the ecosystem’s natural focus on energy saving, low gas prices, and quick improvements.
Following the launch, Rani Jabban, Managing Director of Arab Bank Switzerland, commented on the institution’s goals:
“Digital Assets are a cornerstone of our business. Necessitating a high level of agility. While adhering to the strictest security requirements. Our goal is to create a link between heritage and cutting-edge technology. Tezos fits well into our goal because of its scalability, high-quality governance, and staking options.”
Swiss financial institutions are leading proponents of the worldwide crypto community
Over the last few years, Swiss financial institutions have emerged as leading proponents of the worldwide crypto community’s embrace of digital assets, owing to the country’s regulatory laxity.
SEBA Bank AG, a fellow Swiss bank, was one of the first digital asset banks to get a CISA licence from FINMA last week. Allowing it to provide a premium-grade custodial service for Swiss collective investment schemes.
The Tezos token (XTZ) has continued to rise bullishly this week. Increasing 45.50% after a parabolic few months for the asset, according to analytical data. Much of this technological impetus may be attributed to the platform’s NFT facilitation last month. Which prompted a collaboration with US singer Doja Cat.