Arab Bank Switzerland today announced they have selected Tezos for innovative, compliant on-chain digital financial products. Arab Bank Switzerland has launched institutional-grade storage, staking, and trading services for Tezo (XTZ), the native cryptocurrency of the Tezos blockchain. Tezos is positioned to power the future of financial services products as an open source Proof of Stake blockchain that is energy-efficient, security-focused, and seamlessly upgradable.
Arab Bank Switzerland is a private bank with more than 50 years of history. The bank offers institutional-grade digital assets custody and trading solutions and provides tailor-made services to financial institutions, corporates, and HNWI who are seeking exposure to digital assets. The launch of staking, trading, and custody services for Tezos by Arab Bank Switzerland further cements one of Switzerland’s leading digital asset financial service providers as a pioneer in the industry.
“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,” said Rani Jabban, Managing Director of Arab Bank Switzerland.
“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 is one of the original Proof of Stake layer one blockchain networks. The Tezos ecosystem is built on low-gas fees, cross-chain utility, yield farming protocols, efficient DEXs, bustling NFT platforms, and more. With over 3.2 million contract calls in August, Tezos is one of the fastest growing blockchain ecosystems. On Tezos, developers are able to easily build powerful decentralized applications and products. Projects and brands such as Red Bull Racing Honda, McLaren Racing, OneOf, Ubisoft, Interpop, Hic-Et-Nunc, and more have chosen to build on the Tezos blockchain.
Upgrades on Tezos are made possible by its proven on-chain governance where continuous improvements are proposed by participants on the network, voted on, adopted, and deployed without the need to rely on hard forks. This upgrade mechanism minimizes disruptions while offering regular upgradability and enhanced functionality over time. So far, Tezos has undergone seven network upgrades that have reduced gas fees by 70%, improved token standards, increased transaction speed, and more.
Traditional financial assets and digital assets have started to converge across the world driven by the emergence of secure, banking-grade infrastructure and a clear regulatory framework. In 2019, Arab Bank Switzerland was authorized by the FINMA, Switzerland’s independent financial-markets regulator, to launch digital assets operations. Since then, Arab Bank Switzerland has offered easy and secure one-stop shop solutions for seamless digital asset experiences.
