Arab Bank has chosen Tezos to facilitate institutional custody service
The Switzerland firm is an independent sister company of Arab Bank.
Arab Bank Switzerland announced Tuesday that it will integrate staking, trading and custody services onto the Tezos blockchain’s native token (XTZ) in a bid to provide a digital asset environment for institutions, corporations and high net-worth individuals.
The 50-year old establishment partnered with Tezos in the hope of benefiting from the ecosystem’s inherent focus on energy conservation, low-gas fees and fast upgrades.
Managing Director of Arab Bank Switzerland, Rani Jabban commented on the institution’s ambitions following the announcement:
“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.”
Related: Tezos risks correction below record high with XTZ rallying 250% since July
Swiss banking institutions have become prominent spearheads for the global crypto community’s adoption of digital assets over the past few years, benefiting from the country’s lenient policies on regulation.
Just last week, fellow Swiss banking institution, SEBA Bank AG became one of the world’s first digital asset banks to be granted the approval of a CISA license from FINMA to facilitate a premium-grade custodial service for Swiss collective investment schemes.
Analytical data from Cointelegraph Markets reveals that the Tezos token has experienced a continuation of bullish growth this week, rising 45.50% following a parabolic couple of months for the asset. Much of this technical momentum is due to the platform’s nonfungible (NFT) facilitation last month — a move that encouraged a partnership with U.S. musician Doja Cat.
