Arab Bank Switzerland has teamed up with blockchain technology firm Taurus to offer its wealthy clients access to bitcoin and ethereum. The bank joins a growing list of established players joining forces with fintech firms to tap into cryptoassets.
This content was published on
2 minutes
When not covering fintech, cryptocurrencies, blockchain, banks and trade, swissinfo.ch's business correspondent can be found playing cricket on various grounds in Switzerland - including the frozen lake of St Moritz.
The partnership says it will launch a “new range of digital asset services, including custody and brokerage” of the two largest cryptocurrencies by market share. It utilises the fintech’s “Taurus Protect” crypto storage platform.
“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,” stated Arab Bank SwitzerlandExternal link CEO Serge Robin. The Swiss bank is part of the Jordan-headquartered Arab BankExternal link group.
Wealthy banking clients have shown an appetite to include cryptocurrencies within their investment portfolios. But banks have been reluctant to take the new form of digital cash onto their balance sheets for fear of being forced by regulators to set aside large amounts of capital to cover potential losses.
Start-ups specialising in blockchain technology will typically build a bridge between the bank and their clients, storing cryptocurrencies and often offering trading options at a safe distance from the bank itself.
List is growing
TaurusExternal link has already established a partnership with Bank Vontobel with the so-called Digital Asset Vault. Gazprombank Switzerland teamed up with financial software company Avaloq and crypto-storage specialist METACO to develop a similar service.
Switzerland participates in ASEAN foreign ministers’ meeting
This content was published on
This engagement was part of a four-day tour of Southeast Asia, aimed at advancing the Swiss Federal Council's Southeast Asia Strategy.
Majority of shareholders approve sustainability reports of major Swiss companies
This content was published on
Shareholders have approved the sustainability reports of the largest Swiss companies by a large majority at their annual general meetings.
EU releases €1.5B frozen assets to Ukraine: Switzerland opts out
This content was published on
The EU announced the release of €1.5 billion (CHF1.44 billion) in aid to Ukraine. Switzerland will not follow the EU's approach.
Five people charged in connection with deadly Swiss rockslide
This content was published on
Five people have been charged with multiple negligent homicide in connection with the deadly Bondo rockslide that occurred seven years ago.
‘Mature’ Swiss crypto industry demands banking access
This content was published on
Representatives from Switzerland’s crypto and blockchain sector say it has matured into a viable industry that demands to be taken seriously by banks.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.