More and more Swiss banks team with fintechs to enter the crypto space. Banks and crypto companies launch joint projects based in Switzerland to offer customers the opportunity to invest in digital assets and take advantage of banking services related to cryptocurrencies.
The latest entry in what has become a long list is Arab Bank (Switzerland) Ltd., a member of the Jordanian Arab Bank Group based in the canton of Zug in Switzerland, dubbed “the Crypto Valley.” Arab Bank’s Swiss entity recently joined forces with the blockchain technology firm Taurus to provide its customers with access to cryptocurrencies.
The bank’s involvement in the project was a response to demand from some of its wealthy clients who wished to add cryptocurrencies to their investment portfolios. Institutional investors can use the project’s services to store and trade cryptocurrencies outside their balance sheets. The service is offered to clients who don’t want to deal with the technical side of owning coins.
The project will have a range of services related to digital assets, Swissinfo reported, including custody and brokerage for holdings in bitcoin core and ethereum. The services will be built on the Taurus Protect storage platform designed to provide banks, exchanges, and asset managers with institutional-grade vault services for digital assets.
Arab Bank Switzerland CEO Serge Robin shared his comments: “We intend to be amongst the first banks to offer digital asset services to our clients in a secure and regulated environment.”
A similar service was announced this year by Gazprombank (Switzerland) Ltd., the local subsidiary of Russian state-owned giant Gazprombank. A number of other Swiss banks have launched services for crypto assets, including Julius Baer, UBS, and Falcon Group.
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