Institutional Customers of the Arab Bank Switzerland will have access to custodian services of Tezos offered by the Bank. Not only that, they’ll also be able to trade and stake their XTZ in the Bank. The announcement was aired by the Arab Bank Switzerland in a Press Release. The news came just after Tezos witnessed an upward rally in its price to a new ATH.
According to the release by Tezos, Arab Bank Switzerland selected Tezos for the development of a new set of innovative, compliant on-chain digital financial products. The implication of this is that the customers of the Bank will be able to store, stake and trade the native token of the Tezos blockchain, XTZ on its Institutional-grade platform.
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Furthermore, Rani Jabba, the managing Director of the Arab Bank Switzerland noted that the selection of Tezos is central to their commitment of offering the best asset class to their institutional clients;
“As a pioneer in the private banking industry, having started our digital assets services in 2019, we will always endeavour to offer best of class assets and financial services to our clients.”
He further stressed that integration of Tezos is compatible with their vision of aligning traditional finance with latest innovations;
“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.”
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Tezos is a layer one Proof of Stake blockchain network. The Tezos ecosystem encompasses low-gas fees, cross-chain utility, yield farming protocols, efficient decentralized exchanges (DEXs), Non-Fungible tokens (NFTs) platforms, among others. Tezos is said to be one of the fastest growing blockchain networks with over 3.2 million contract calls in August.
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