The Swiss branch of Arab Bank, one of the top financial institutions in the Middle East, will soon launch a suite of cryptocurrency-based services. A number of Swiss banks have now launched services for crypto assets, including Julius Baer, UBS and Falcon Group.
On September 19 this year, the Arab Bank (Switzerland) announced that it will offer clients a range of services including custody and brokerage of Bitcoin (BTC) and Ether (ETH). The bank – based in the canton of Zug in Switzerland, sometimes dubbed the ‘Crypto Valley’ – said the launch comes following demand from existing and younger clients that seek to include digital assets as an asset class in their diversified portfolios. It said clients include high net-worth individuals such as business leaders and family entrepreneurs.
“We firmly believe that blockchain will disrupt the financial industry as we know it and we intend to be amongst the first banks to offer digital asset services to our clients in a secure and regulated environment,” said Serge Robin, CEO of Arab Bank (Switzerland).
The Swiss branch of Arab Bank, for its crypto services, has partnered with digital assets-focused Taurus Group – also based in Switzerland – and will utilize the firm’s custody platform. Taurus also assisted the bank to prepare operational policies and procedures for the new crypto services. Supporting innovative players like Arab Bank (Switzerland) developing infrastructure to support digital assets is a necessary step to ensure that the next generation of financial market infrastructure is based on blockchain, said Lamine Brahimi, managing partner at Taurus Group.