Arab Bank Switzerland becomes another financial institution in Switzerland to test the waters of the blockchain and crypto space. According to a report released on September 19, the bank, which specializes in private banking, is in a new partnership with blockchain technology company Taurus in a bid to enable its customers to access crypto-asset products.
The Swiss bank will now have its high net worth customers get access to digital asset investments, joining a list of other mainstream banks that offer access to crypto-asset products.
While many banks in Switzerland are experiencing interest from their wealthy customers, a good number of banks still have reservations for investment services in digital assets, based on the regulatory gap and volatility that are associated with the crypto space.
Partnership Objective
The objective of the partnership is to fill the gap between the bank and its customers who are interested in cryptocurrency investments. Arab Bank Switzerland CEO Serge Robin, who spoke about the partnership, said that blockchain technology has the potential to transform the financial landscape, which is one of the reasons they chose to be among the first banks to offer crypto-related banking services.
With the new partnership, Taurus is set to gain an upper hand over its competitors such as Crypto Finance and Bitcoin Suisse, which are associated with Crypto Storage and Swiss Crypto Vault respectively.
Swiss Banks Hungry for Bitcoins
Switzerland is one of the countries that have embraced blockchain technology and cryptocurrencies. The Arab Bank Switzerland becomes the second bank to collaborate with Taurus, which had a similar partnership with Bank Vontobel to offer a Digital Asset Vault service.
Other Swiss banks that have entered the crypto sphere include Gazprombank Switzerland and Julius Baer – another Swiss banking giant. Importantly, the Swiss financial regulator FINMA together with lawmakers have shown willingness to come up with rules to ensure that crypto assets are incorporated into the financial sector.