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.
Swiss justice minister hopes EU reform will reduce irregular migration
This content was published on
The European Union’s (EU) New Pact on Migration and Asylum aims to curb irregular migration within Schengen, Justice Minister Beat Jans said on Tuesday.
Swiss electricity supply outlook positive despite uncertainties
This content was published on
Thanks to well-filled gas stores in Europe and increased availability of French nuclear power, the Swiss Federal Electricity Commission is optimistic.
Finance minister wants Swiss banks to hold more equity
This content was published on
Finance Minister Karin Keller-Sutter has repeated calls for banks and their holdings in subsidiaries abroad to hold more equity.
Telecoms sector kept Swiss competitions regulator busy in 2023
This content was published on
Last year, the Swiss Competition Commission (COMCO) conducted 27 investigations and initiated 17 preliminary investigations.
This content was published on
Although Swiss International Air Lines (SWISS) achieved higher revenue at the start of the year, it suffered a dip in profits.
40,000 signatures against animal testing in Switzerland
This content was published on
Switzerland should do away with “restrictive” animal testing and should become a model for innovative, effective, and pain-free scientific research.
More than 45,000 signatures in favour of federal funding for UNRWA
This content was published on
The Foreign Affairs Committee of the House of Representatives (FAC) is expected to decide on the funding of the UNRWA at the beginning of the week.
This content was published on
At the end of January 2024, 6,881 men and women were behind bars in Switzerland. Almost 95% of all places were occupied, the highest number since 2014.
‘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.