Arab Bank Switzerland has according to a report by local news agency, SwissInfo, rolled out a service that allows its clients to deposit and trade the two leading cryptocurrencies, Bitcoin (BTC) and Ether (ETH).
The move which is one of the first by a traditional financial institution in Switzerland means that high net worth customers, business leaders, and family entrepreneurs can now invest in the digital assets via Arab Bank Switzerland.
Established in 1964, the bank which labels itself as the bridge between the Arab and Western world, is choosing to build more bridges by embracing crypto, a financial system that knows no borders.
While commenting on the development, Arab Bank Switzerland CEO, Serge Robin expressed a conviction that blockchain will disrupt the financial industry as we know it and for that reason, they “intend to be amongst the first banks to offer digital asset services to our clients in a secure and regulated environment.”
The report further revealed that the bank’s provision of crypto custody stems from a partnership with Taurus Group, a firm whose cold storage solution called ‘TAURUS-PROTECT,’ is now integrated with Arab Bank’s infrastructure.
The cold storage solution developed by Taurus is reportedly built on some of the most secure hardware in the world and implements other security properties such as the Federal Information Processing Standard (FIPS) 140-2, and level 3 certified hardware security modules (HSMs).
Meanwhile, Arab Bank Switzerland’s decision to launch a crypto trading service represents one of the latest efforts by Swiss financial institutions to dabble into the emerging assets.
Coinfomania had reported earlier this year that the country’s national stock exchange, SIX Swiss Exchange, was on track to launch a platform that allowed investors to trade digital securities.