Swiss Arab Bank will enable its institutional clients to store, share and trade XTZ – the original cryptocurrency of the popular blockchain project Tezos. The announcement comes amid the coin’s recent price hike, which has taken it to a new all-time high.
- The press release I have seen Potato encryption It reads that the banking institution, founded in 1962, has chosen Tezos to develop a new range of “innovative and compatible” digital financial products on-chain.
- The private bank will also allow its clients to contribute, store and trade the XTZ token on its enterprise level platform.
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“Digital assets are the cornerstone of our strategy, and require 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 betting capabilities, fits perfectly with our vision.” – Commented Rani Jaban – Managing Director of the bank.
- Tezos already has experience working with large banks. Back in April of this year, the protocol partnered with Societe Generale as the French organization wanted to use the Tezos blockchain to issue its own security token.
- In addition, Tezos has collaborated with several Switzerland-based organizations. The trio of Crypto Finance Group, InCore Bank and Inacta recently selected it to enable asset tokenization.
- The price of the original token has been in flux lately as well. It had fallen below $4.5 on September 22nd but more than doubled in value and reached a new all-time high above $9 yesterday.
- As of now, it is trading north of $8 and has entered the top 30 cryptocurrencies by market cap.
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