The Swiss Arab Bank announced on Tuesday that it will integrate staking, trading and custody services into the Tezo (XTZ) blockchain token to provide a digital asset environment for institutions, corporations and high net worth individuals.
The 50-year-old company has partnered with Tezos hoping to benefit from the ecosystem’s focus on energy efficiency, low gas taxes, and rapid modernization.
Rani Jaban, CEO of Swiss Arab Bank, commented on the bank’s ambitions after the announcement:
“Digital assets are the cornerstone of our strategy and require a great deal of flexibility while adhering to the highest security standards. Our mission is to build a bridge between tradition and innovative innovation. Tezos fits perfectly with our vision with its scalability, high quality control and effort options.”
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Swiss banking institutions have pioneered the use of digital assets by the global crypto community in recent years and have benefited from the country’s softer regulations.
Just last week, another Swiss banking institution, SEBA Bank AG, became one of the first digital asset banks in the world to obtain a CISA license from FINMA to provide first-class custody services to Swiss collective investment schemes.
Analytics data from Cointelegraph Markets shows that the Tezos coin extended its bullish gains this week, rising by 45.50% after several months in equivalent terms to the asset. Much of that tech momentum stems from the abandonment of the platform release (NFT) last month — a move that spurred the partnership with American musician Doja Cat.