Arab Bank Switzerland stated Tuesday that it will integrate staking, trading, and custody services onto the Tezos blockchain’s native token (XTZ).
Tezos teamed with the 50-year-old establishment in the hopes of profiting from the ecosystem’s innate focus on energy conservation, low-gas fees, and quick renovations.
Following the launch, Rani Jabban, Managing Director of Arab Bank Switzerland, commented on the institution’s goals:
“Digital Assets are a cornerstone of our strategy, requiring strong agility while complying with the highest security standards. Our mission is to bridge tradition and cutting-edge innovation. Tezos, with its scalability, high quality governance, and staking possibilities, fits perfectly within our vision.”
Over the last several years, Swiss banking institutions have become major spearheads for the global crypto community’s embrace of digital assets, owing to the country’s lax regulatory rules.
SEBA Bank AG, a fellow Swiss bank, was one of the world’s first digital asset banks to be given a CISA license by FINMA to facilitate a premium-grade custodial service for Swiss collective investment schemes just last week.
According to Cointelegraph Markets’ data, the Tezos token (XTZ) has continued to rise this week, climbing 45.50 percent after a parabolic few months for the asset.
Much of this technological progress can be attributed to the platform’s NFT facilitation last month, which prompted a collaboration with US singer Doja Cat.