The Arab Bank chose Tezos to facilitate the institutional custody service


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Swiss Arab Bank announced on Tuesday that it will integrate betting, trading and custody services on the native blockchain token (XTZ) into Tezos in an effort to provide a digital asset environment for institutions, corporations and high net worth individuals.

The 50-year-old enterprise teamed up with Tezos in hopes of capitalizing on ecosystems’ inherent focus on energy conservation, low gas fees, and rapid upgrades.

Arab Bank Switzerland Managing Director Rani Jaban commented on the institution’s ambitions after the announcement:

“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. With its scalability, high-quality governance and backlog capabilities, Tezos fits perfectly with our vision.”

RELATED: Tezos Risks Correcting Below Record High With XTZ Up 250% Since July

Swiss banking institutions have become prominent leaders in the global crypto community’s adoption of digital assets over the past few years, benefiting from the country’s lax policies on regulation.

Just last week, SEBA Bank AG, an associate Swiss banking institution, became one of the first digital asset banks in the world to receive CISA approval from FINMA to facilitate a high-quality custody service for Swiss collective investment schemes.

Analytical data from Cointelegraph Markets reveals that the Tezos token (XTZ) has seen continued bullish growth this week, rising 45.50% after two months of the asset’s parabola. Much of this technical momentum is due to the platform’s NFT facilities last month, a move that soon encouraged a partnership with American musician Doja Cat.