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Arab Bank Switzerland partners with Taurus to offer cryptocurrency services to its wealthy clients

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Fri, 20 Sep 2019, 03:36 am UTC

Arab Bank Switzerland has penned a partnership with blockchain technology firm Taurus to offer its wealthy clients a full suite of digital asset services.

The latest deal will see the bank launching “a new range of digital services” that include bitcoin and ethereum custody and brokerage. The fintech’s “Taurus Protect” crypto storage platform will reportedly be used, as per a report by Swissinfo.

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,” Serge Robin, Arab Bank Switzerland CEO, said.

The Zug, Switzerland-based bank said the recent initiative aims to fulfill the growing demand of “existing and younger clients who seek to include digital assets as one asset class in their diversified portfolios.” Such clients reportedly include high-net-worth clients like “business leaders and family entrepreneurs.”

Taurus also purportedly helped the bank lay out the operational policies and procedures of the new crypto services.

Supporting “innovative players like Arab Bank (Switzerland)… is a necessary step to ensure that the next generation of financial market infrastructure is based on blockchain,” Lamine Brahimi, Taurus Group Managing Partner, said.

In June, Swiss bank Dukascopy announced that it is launching a stablecoin called Dukascash, which will serve as a supplementary coin for the bank’s crypto ambition alongside its own cryptocurrency called Dukascoin. The move is by far the first of its kind in the Swiss banking industry.

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