TheArab Bank Switzerland today announced they have chosen to partner with Tezos to provide its clients with innovative, compliant on-chain digital financial products. Arab Bank Switzerland will now provide institutional-grade storage, staking, and trading services for tez (XTZ), the native cryptocurrency associated with the Tezos blockchain. Tezos is an energy-efficient open-source proof of stake blockchain focused on powering financial services that are secure and effortlessly upgradeable.
Arab Bank Switzerland is a private bank that was founded over 50 years ago. The bank offers institutional-level custody and trading services for digital assets. The bank also provides customized services to other financial institutions, corporate entities, and high net worth individuals looking to invest in digital assets. The Arab Bank’s launch of staking, trading, and custody services for Tezos positions it as a leading provider of digital assets, also making it a pioneer among Switzerland’s private banks.
As a pioneer in the private banking industry, having started our digital assets services in 2019, we will always endeavor to offer best of class assets and financial services to our clients,”
Rani Jabban, Arab Bank Switzerland’s Managing Director, said:
Digital Assets are a cornerstone of our strategy, requiring 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 staking possibilities, fits perfectly within our vision.”
Tezos was one of the earliest layer one blockchains that adopted a Proof of Stake approach, ditching the proof of work network pioneered by Bitcoin. The Tezos ecosystem boasts of low-gas fees, yield farming protocols, cross-chain utility, efficient DEXs, popular NFT platforms, and more. The Tezos platform had over 3.2 million contract calls in August, making it one of the fastest expanding blockchain ecosystems. Developers can quickly build decentralized applications on the Tezos blockchain. Many popular brands and projects such as Red Bull Racing, Honda, Ubisoft, McLaren Racing, Interpop, OneOf, Hic-Et-Nunc, and more have built applications using the Tezos blockchain.
Upgrades of the Tezos blockchain are made via its proven on-chain governance. Participants propose continuous network improvements, which are then voted on, adopted, and deployed without relying on hard forks. The upgrade mechanism minimizes network disruptions and offers regular upgrades and enhanced functions over time. So far, Tezos has undergone seven significant network upgrades that have reduced its overall gas fees by 70%while improving token standards, increasing transaction speeds, and much more.
Traditional financial assets and digital assets have begun converging across the globe, driven by the need for secure, banking-grade infrastructure and a transparent regulatory framework. Switzerland’s financial markets regulator FINMA authorized the Arab Bank Switzerland to launch digital assets services in 2019. Since then, the Arab Bank Switzerland has offered its clients seamless access to digital asset investments.