Arab Bank Switzerland, founded about 50 years ago, offers trading services and institutional-level custody for digital assets. The bank also provides customized services to corporate entities and financial institutions.
The Arab Bank recently announced its partnership with Tezos. The partnership enables them to provide their clients with innovative, compliant on-chain digital financial products. The Arab Bank will now offer staking, institutional-grade storage, and trading services for Tezos native token called $XTZ.
According to the announcement, Rani Jabban, Arab Bank Switzerland’s Managing Director said: “As a pioneer in the private banking industry, having started our digital assets services in 2019, we will always endeavor to offer best of class assets and financial services to our clients. 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.”
Source: Arab Bank
The Reason Why The Arab Bank Choose Tezos
Tezos is an energy-efficient open-source proof of stake blockchain focused on powering financial services that are secure and effortlessly upgradeable. Tezos has also redefined what it means to hold and exchange value in a digitally connected world.
Besides, Tezos was one of the earliest layer one blockchains that adopted a Proof of Stake approach, unlike Bitcoin’s proof of work network. The Tezos ecosystem also has impressive yield farming protocols, low-gas fees, efficient DEXs, cross-chain utility, popular NFT platforms, and more.
Tezos is one of the fastest expanding blockchain platforms. In August, they recorded over 3.2 million contract calls. Developers also can build decentralized applications on the Tezos blockchain quickly. Some popular brands and projects that have built their applications are Interpop, Honda. As well as Red Bull Racing, Ubisoft, McLaren Racing, OneOf, Hic-Et-Nunc.
This week's issue of "The Baking Sheet" from @TezosCommons highlights artists and creators on #Tezos, @TezosFoundation's bi-annual report, @TezTools, @EmergentsTCG launching its website, over 5.8 million contract calls in September, and more! https://t.co/1iivXYd3it
— Tezos (@tezos) October 1, 2021
They also already have experience with working with large banks. Back in April this year, the protocol partnered with Societe Generale. The French institution wanted to employ the Tezos blockchain to issue its security token.
Additionally, the protocol has cooperated with multiple Swiss-based organizations. The trio of Crypto Finance Group, InCore Bank, and Inacta recently picked it to enable asset tokenization.
The $XTZ Price has been on a roll lately as well. It had dropped below USD 4.5 on September 22nd but more than doubled its value and is trading at USD 7.76. On the other hand, its marketcap is USD 6,694,907,760, and its 24-hour trading volume is USD 992,073,054.
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