Arab Bank Switzerland to Offer Bitcoin Custody and Brokerage Services
According to a report published by swissinfo.ch on September 19, 2019, Arab Bank Switzerland has joined the list of established banks which offer access to digital asset products.
A New Bank in the Crypto Sphere
Arab Bank Switzerland, a bank specializing in private banking and trade financing, has partnered with blockchain technology firm Taurus, to facilitate access to digital asset investments for its high net worth customers.
Despite the growing interest from wealthy clients, so far banks have been cautious of offering investment services in digital assets due to regulatory gap and risk of huge losses.
The partnerships’ goal is exactly to fill this gap between the bank and customers interested in cryptocurrency investments. According to the CEO of Arab Bank Switzerland, Serge Robin, blockchain technology has the potential to revolutionize the financial system and this is one of the reasons they decided to be among the pioneer banks to offer this kind of services.
With this move, it seems Taurus has secured a valid partner that allows it to gain a competitive advantage over some of its Swiss competitors such as Bitcoin Suisse (Swiss Crypto Vault) and Crypto Finance (Crypto Storage).
Banks in Switzerland Are Hungry for Bitcoins
That with Arab Bank Switzerland is the second partnership for the startup Taurus that previously had a collaboration with Bank Vontobel for a Digital Asset Vault service. A similar service was developed by Gazprombank Switzerland with the help of Avaloq and crypto-storage specialist METACO.
Also, the Swiss banking giant Julius Baer announced a new partnership that will expand upon their crypto services. The partnership will be with SEBA Crypto AG and was made known to the public on February 26, 2019.
It is also important to remember the efforts of Sygnum, a company which offers safe solutions to issue, store, trade and manage blockchain-based crypto assets, which secured a conditional banking and securities license from the Swiss Financial Market Supervisory Authority (FINMA).
The overall scenario for Switzerland is very solid and leaves the country with a very optimistic presupposition for the next years. With regulatory framework becoming better and better, the market size will probably increase and drive employment as well.