As more and more banks are collaborating with fintech firms to enter the growing list of well-known players entering the crypto assets world. Recently, Arab Bank Switzerland has decided to team up with the blockchain technology firm Taurus, and together they will offer access to BTC and ETH for its wealthy clients.
With this partnership, they will launch certain digital asset services, including custody and brokerage of the two largest cryptocurrencies. This partnership will use the Taurus Project for crypto storage and services.
Arab Bank CEO Serge Robin stated that blockchain is the technology that will enter the financial industry soon and bring massive changes, and they wish to be amongst the first banks to offer the services. As cryptocurrencies are gaining popularity, more people are getting attracted to them.
Wealthy people have shown interest in adding cryptocurrencies in their investment portfolios. However, banks have been avoiding dealing in cryptocurrencies because of the regulators that continuously force them to set aside a certain amount of money to cover potential losses.
Taurus has established a partnership with Bank Vontobel with so-called Digital Asset Vault. Julius Bear announced to enter the crypto assets world by teaming up with crypto bank SEBA. Falcon Private Bank and Swissquote are also active in the crypto assets department.
While all these partnerships were happening, SEBA and Sygnum were recently awarded banking and securities dealer license from the FINMA. The Swiss financial regulators and lawmakers have shown their interest and willingness to set rules that will allow the usage of crypto assets in the financial sector.