Arab Bank Switzerland has become the latest Swiss-based financial institution to offer clients access to cryptocurrencies according to a press release on Thursday.
The bank which is a sister company to the Middle East-based banking giant, Arab Bank has partnered with a fintech startup, Taurus Group, to offer a “new range of digital asset services, including custody and brokerage.”
Part of the new services as per the release includes a provision that allows the bank’s clients to deposit and trade two of the largest cryptocurrencies by market cap, Bitcoin (BTC) and Ether (ETH).
Arab Bank Switzerland’s CEO, Serge Robin shared his thoughts on the development, reaffirming his belief that blockchain will revolutionize the financial industry, and it was only right for them to make a move with the changing times.
In his exact words, Robin said in the release,
“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.”
A separate report by SwissInfo further noted a growth in the number of wealthy banking clients who are willing to invest their assets in cryptos, barring hesitation from banks to provide the needed infrastructure.
While banks initially feared that regulators will impose a requirement to set aside significant capital to cover any potential client losses, at least two Swiss-based banks have now stepped outside the box to provide crypto trading facilities.
Aside Arab Bank in the latest report, Taurus Group had earlier this year partnered with Bank Vontobel to offer crypto trading and brokerage services to their banking clients.
Stmarket.co similarly reported last year that the country’s financial markets regulator, FINMA, approved the trading of a 'HODL' crypto index fund, tracking five of the top cryptocurrencies by market cap.