Arab Bank (Switzerland) has launched of a new range of digital asset services, including custody and brokerage of Bitcoin and Ethereum, becoming one of the first private banks in Europe to offer digital asset services to its high net worth clients.The launch aims to answer growing demand from existing and younger clients who seek to include digital assets as one asset class in their diversified portfolios. Arab Bank (Switzerland) intends to make buying and holding Bitcoin and Ethereum as well as additional digital assets in the near future, as accessible and efficient as any other traditional investment.
Arab Bank (Switzerland) Ltd. was created in 1962 in Zug, Switzerland, to create a bridge between the Arab and Western worlds, serving high net worth clients including business leaders and family entrepreneurs. Arab Bank (Switzerland) distinguishes itself in the private banking ecosystem by its innovation. It was one of the first private banks to launch commodity trading operations and to offer a competitive FX (foreign exchange) platform. It is the sister company of Arab Bank Plc, one of the biggest banks in the Middle -East.
Serge Robin, CEO of Arab Bank (Switzerland) Ltd., explains: “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.” These new services rely on a secure custody platform and the expertise of Taurus Group, a Swiss fintech which specialises in digital assets and was launched by two former senior private bankers. Taurus Group also helped Arab Bank Switzerland with its operational policies and procedures to offer these new digital asset services.
Lamine Brahimi, Managing Partner of Taurus Group, adds: “We intend to support all major innovative players like Arab Bank (Switzerland) to create or adapt their infrastructure for crypto assets. It is a necessary step to ensure that the next generation of financial market infrastructure is based on blockchain.”