Arab Bank has chosen popular altcoin project Tezos to facilitate its institutional custody and custody service. It is an independent sister company of the Swiss firm Arab Bank, which made the choice. All the details on the subject cryptocoin.com‘in.
Which altcoin was chosen, why?
Arab Bank Switzerland announced on Tuesday that it will integrate staking, trading and custody services into the native token (XTZ) of the Tezos blockchain to provide a digital asset environment for institutions, companies and high-net-worth individuals. With a 50-year history, the organization announced that it has partnered with Tezos in hopes of taking advantage of the energy savings, low gas fees and fast update moves inherent in the ecosystem.
Rani Jabban, Managing Director of Arab Bank Switzerland, made the following comments about the institution’s goals after the announcement:
Digital Assets are the cornerstone of our strategy, which requires strong agility while adhering to the highest security standards. Our mission is to bridge the gap between tradition and the latest innovations. With its scalability, high-quality governance and staking possibilities, Tezos fits our vision perfectly.
Swiss banking institutions have become prominent pioneers in global cryptocurrency activities and adoption of digital assets in general over the past few years. In addition, it has benefited from the country’s flexible cryptocurrency policies compared to other countries in regulating its banking system.
There are other banks
Just last week, fellow Swiss banking institution SEBA Bank AG became one of the world’s first digital asset banks to receive a CISA license approval from FINMA to facilitate a world-class custody service for Swiss collective investment schemes.
Analytical data from Cointelegraph Markets reveals that Tezos token (XTZ) continued its bullish growth this week, rising 45.50% after a parabolic few months for the asset. Much of this technical momentum is due to the platform’s immutable (NFT) facilitation last month. This movement was recorded as a movement promoting partnership with US musician Doja Cat.
As you can see on the seven-day chart above, Tezos rose by 45% from $5.7 to $8.7. At the time of writing, it looked around $7.9.
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