Arab Bank Switzerland chooses Tezos token to facilitate institutional custody service

October 5, Arab Bank Switzerland announced its plan to integrate staking, custody, and trading services onto XTZ, the Tezos blockchain’s native token, to provide a digital asset environment for institutions, corporations, and high net-worth individuals. This announcement comes amid the token’s recent price surge, which led it to a new all-time high.

The press release reads that the banking organization, founded in 1962, has selected Tezos to develop a new set of “innovative and compliant” on-chain digital financial products in the hope of benefiting from the ecosystem’s inherent focus on energy conservation, low-gas fees, and fast upgrades.

“Digital Assets are a cornerstone of our strategy, requiring strong agility while complying with the highest security standards,” stated in the press release Rani Jabban, Managing Director of Arab Bank Switzerland. “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.”

Swiss banking institutions have become prominent spearheads for the global crypto community’s adoption of digital assets over the past few years, benefiting from the country’s lenient policies on regulation. Recently, Swiss exchange SIX got regulatory approval for its digital asset bourse SDX, a digital asset marketplace and central securities depository built on distributed ledger technology.

(Source: TradingView)

According to Cointelegraph Markets data, the Tezos token has experienced a continuation of bullish growth this week, rising 45.50% following a parabolic couple of months for the asset. This technical momentum appeared mostly due to the platform’s NFT facilitation last month, inspired by a partnership with U.S. musician Doja Cat.

Tezos already has experience with working with large banks. Back in April this year, the protocol partnered with Societe Generale as the French institution wanted to employ the Tezos blockchain to issue its own security token.

Additionally, Tezos has cooperated with multiple Swiss-based organizations. The trio of Crypto Finance Group, InCore Bank, and Inacta recently picked it to enable asset tokenization.