Arab Bank Switzerland, a subsidiary of Jordan-based Arab Bank has joined the crypto bandwagon. The bank teamed up with Taurus Group, a FinTech firm to expose its wealthy clients to ETH and BTC. Taurus Group unveiled this news through a tweet on September 19.
In the tweet, Taurus group said,
We are pleased to announce that TAURUS PROTECT, our cold storage solution for exchanges & banks is in production with Arab Bank Switzerland. A premiere for the Geneva financial center & leadership pos. of Taurus in the Swiss market.#taurus #coldstoragehttps://t.co/2lVGsNs6Df
— Taurus Group (@taurusgroup_ch) September 19, 2019
This joint effort will see Arab Bank Switzerland roll out a new range of crypto services. According to a report, these include offering its wealthy clients custodial and brokerage services for BTC and ETH. These services would use the TAURUS PROTECT storage solution. Apart from offering its cold storage solution, Taurus Group also helped the bank create the operation policies for its crypto services.
Serge Robin, the CEO of Arab Bank Switzerland said,
We firmly believe that blockchain will disrupt the financial industry as we know it and we intend to be amongst the first banks to offer digital asset services to our clients in a secure and regulated environment,
Growing Interest in Crypto by Young Entrepreneurs
According to Arab Bank Switzerland, this move seeks to meet the growing demand for crypto assets by its young clients. Reportedly, these clients include business leaders and family entrepreneurs.
The bank noted that there are, “existing and younger clients who seek to include digital assets as one asset class in their diversified portfolios.”
Commenting on the bullish step that the Zug-based bank had made, Lamine Brahimi, Taurus Group managing partner said,
Innovative players like Arab Bank (Switzerland)… is a necessary step to ensure that the next generation of financial market infrastructure is based on blockchain,
This news comes after Bank Vontobel became the largest Swiss bank that offers its clients crypto trading and storage services. Earlier this year, the bank also rolled out Digital Asset Vault, a plug-in platform that would enable other banks to trade and store crypto. This platform would reportedly let people trade crypto without the hassle of holding their private keys.
While launching Digital Asset Vault, Bank Vontobel said,
The aim is to provide a fully regulated corridor to trading in crypto assets that appeals to institutional investors. The platform will focus on cryptocurrencies, such as bitcoin, rather than the forecast wave of tokenised securities.
Do you think the growing adoption of crypto by Swiss banks will compel other banks to dive into the sector as well? Let us know in the comments below.