Arab Bank Switzerland joined the growing list of commercial banks to offer Bitcoin and Ethereum to its clients. The bank has partnered with blockchain technology company, Taurus, to help it set up and facilitate crypto-services, reported Swissinfo. The decision was influenced by the growing demands of wealthy clients, many of whom want to diversify their investment portfolios.
Taurus will help Arab Bank Switzerland to launch a range of crypto-focused services, which include custody and brokerage as well. CEO Serge Robin has been pro-blockchain for a while and believes that the technology will play a major role in disrupting the financial sector. He said,
“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”
Banks have been cautious over providing crypto-related services, as fear of regulators looms large. However, budding startups working on blockchain technology are acting as bridges to help traditional banks get on to the crypto and blockchain bandwagon.
There has been a surge in the number of banks adopting blockchain and offering crypto-services to its clients. Taurus, the technology partner for the Arab Bank Switzerland, has also sealed a deal with Bank Vontobel. Gazprombank Switzerland has joined hands with financial software company, Avaloq.
The Swiss regulatory body has been quite encouraging to push the adoption of future tech like blockchain and recently, awarded banking licenses to crypto-specialists SEBA and Sygnum. This development is yet another chapter in Switzerland’s growing stature as a Fintech hub.