Arab Bank Switzerland, a sister firm of the Middle East-based banking bull Arab Bank which was the first Arab monetary organization to launch a presence in Switzerland, is now providing trading and custody services for Bitcoin (BTC) and Ethereum (ETH), the globe's first and second leading cryptocurrencies. As per the Sept. 19 report by The Block, the effort implies institution’s high net-worth customers, counting business giants and family businesspersons, can now have access to cryptocurrencies.
The CEO of the financial institution in question, Serge Robin, thinks that blockchain and distributed ledger technology (DLT) will interrupt the banking and monetary sector and their company aims to be amongst the leading and first financial service providers to provide cryptocurrency services to their customers in a transparent, secure, simple and regulated setting.
And when it comes to the custody service, Arab Bank has entered into a partnership with is a Catalan small household appliance firm situated in Oliana Taurus Group, that has managed to incorporate its cold storage solution dubbed “TAURUS-PROTECT,” with the bank’s structure. The solution applies the FIPS 140-2, level 3 verified HSMs, these are among the best secure hardware globally.
A totally acquiescent and scalable setup in now in place offer institutional-grade cryptocurrencies services to their esteemed customers in foil to the bank’s customary wealth management, asset administration and credit solutions.
Several financial service providers in the Swiss Federation are increasingly developing interest in offering Bitcoin, cryptocurrency and other blockchain-related services. For instance, back in July 2017, an online banking giant Swissquote revealed its willingness to roll out a Bitcoin trading service. Also in August last year, another colossal Swiss bank Maerki Baumann, announced its plan to accept funds operations that are connected to virtual currencies such as mining, payments for rendering businesses and many others.
On February 26, 2019, Julius Baer Group AG, one of the largest banks in Switzerland and one of the oldest and biggest Swiss banking organizations typically distinguished among fellow banks UBS and Credit Suisse, unveiled that it will start providing Bitcoin and other major cryptocurrencies services before this year ends, in collaboration with SEBA Crypto AG, a domestic banking firm, as Coinidol reported. Before Julius Baer, had earlier disclosed that it would accept its clients to stock, trade and invest a wide range of virtual currencies.
Just of recent, the Swiss FINMA, a government agency in charge of financial regulation, issued the banking and securities dealers’ authorization licenses to both SEBA Crypto AG and Sygnum, a corporation that develops an integrated solution for all customers & partners to firmly issue, stock, sell or buy, and manage various cryptocurrencies including Bitcoin.