Arab Bank’s Swiss Arm Is Launching Cryptocurrency Services
The Swiss branch of one of the top financial institutions in the Middle East is launching a suite of cryptocurrency-based services.
Arab Bank (Switzerland) announced on Thursday that it will offer clients a range of services including custody and brokerage of bitcoin (BTC) and ether (ETH).
The bank – based in the canton of Zug in Switzerland, sometimes dubbed “Crypto Valley” – said the launch comes following demand from “existing and younger clients who seek to include digital assets as one asset class in their diversified portfolios.” It said clients include serving high-net worth clients such as “business leaders and family entrepreneurs.”
Serge Robin, 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.”
For its crypto services, the bank has partnered with digital assets-focused Taurus Group – also based in Switzerland – and will utilize the firm’s a custody platform. Taurus also assisted the bank prepare operational policies and procedures for the new crypto services.
Supporting “innovative players” like Arab Bank (Switzerland) developing infrastructure to support digital assets “is a necessary step to
ensure that the next generation of financial market infrastructure is based on blockchain,” said Lamine Brahimi, managing partner at Taurus Group.
A number of Swiss banks have now launched services for crypto assets, including Julius Baer, UBS and Falcon Group.
The CEO of UBS previously come out as an advocate for blockchain technology, saying it’s “almost a must” for business.
Swiss flag image via Shutterstock