Arab Bank Switzerland Institutional Customers Can Now Trade, Stake, and Custody Tezos
XTZ, the native token of the Tezos blockchain, is now available as part of digital assets products that Arab Bank Switzerland institutional customers can trade, stake, and custody. This was announced today through a joint press by the two organizations.
The bank, which offers tailor-made digital asset products and financial services to institutions and corporations, said that the launch of Tezos as part of its digital assets products cements its pioneer role in the industry. The bank, through its Managing Director Rani Jabban, said Tezos fits in the bank’s pursuit to bridge traditional financial products and innovation.
“As a pioneer in the private banking industry, having started our digital assets services in 2019, we will always endeavor to offer best-of-class assets and financial services to our clients. 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.”
Tezos’ addition to the credible bank’s line of products may have a positive impact on its price shortly. Meanwhile, the cryptocurrency is up by more than 30% in the last week but has lost by about 8% in the last 24 hours. It is ranked in position 30 with a market valuation of slightly above $6.9 billion.
The bank has been providing digital assets services since it was authorized by Switzerland’s independent financial markets operator FINMA in 2019. So far, it allows institutional users to trade and custody cryptocurrencies including Bitcoin and Ethereum. Customers can benefit from the bank’s proven capitalization, security, and experience of 50 years in the banking industry. It serves all levels of investor companies, trading institutions, and digital asset managers, as well as high net worth individuals.
With the service, customers can simply open their accounts and transfer their digital assets to blockchain wallet addresses at the bank. Additionally, clients can buy and sell cryptocurrencies via their dedicated relationship managers. They can get an overview and reporting of the portfolios as well as withdraw the cryptocurrencies at any time to pre-approved addresses. The bank is among the very few others including SEBA Bank AG, UBS, and Sygnum that offer similar services in the country.
Tezos, which has low gas fees, support for NFTs, smart contracts, decentralized exchanges, and cross-chain functionality, attracted more than 3.2 million contract calls in August. This, according to the press release, makes it one of the fastest-growing blockchains. Tezos blockchain competes with Ethereum, Cardano, Stellar, and others that support smart contracts. However, unlike most blockchains, it is designed to implement upgrades without any hard forks.
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