Major Middle Eastern Bank’s Swiss Subsidiary Offering Bitcoin Services

Major Middle Eastern Bank’s Swiss Subsidiary Offering Bitcoin Services 1

Arab Bank (Switzerland), a subsidiary of major financial services provider Arab Bank, is opening up full brokerage and custody services for Bitcoin and Ethereum.

Originally founded in 1930, Arab Bank is the largest financial institution in the Middle East, and the first one to open serious economic ties with Europe and the world at large through subsidiaries such as its branch in Switzerland. Although hardly a significant financial institution on the scale of Wall Street’s largest banks, Arab Bank still holds some $50 billion in various assets and a large sway over a very rich world region.

Arab Bank Adopts Bitcoin

In an announcement posted on its official website on September 19, 2019, the Swiss arm of Arab Bank is going to make purchase of bitcoin and ether “as accessible and efficient as any other investment.” Although Arab Bank’s press release was fairly sparse on the details of this expansion, local Swiss media claims that custody solutions will be managed using the Taurus Project’s blockchain software, specialized for institutional investors. 

In an apparent coincidence, this Swiss subsidiary has actually been headquartered in the “Crypto Valley” of Zug, Switzerland, since the offshoot was first founded in 1962. With the remarkable regulatory friendliness of Zug, Arab Bank (Switzerland) claims that it is in a position to offer digital assets directly to its customers, in addition to custody services.

While Zug offers a special climate for institutions such as the Arab Bank to thrive in the world of cryptocurrency, there are a number of other banks also attempting to move more directly into crypto asset brokerage that find themselves in more of a limbo. Institutional interest in cryptocurrencies like bitcoin has been climbing steadily over the past several years with a wide variety of potential solutions for getting around regulatory sluggishness. 

Other financial institutions, such as private trusts and custody solution startups, have been trying to get in on the action as well. Legacy Trust, a Hong Kong-based asset management firm, has begun selling cryptocurrency assets in addition to its pre-existing repertoire, planning to hold $28 billion in custody by the end of the next three years. Similarly, Israeli startup GK8 has launched with a business model to provide specialized custody solutions to a number of institutional investors worldwide.  

Still, with Arab Bank’s well-entrenched status in such a crypto-friendly area, it could provide a major case study for what it will look like when larger banks take a more direct role in the space.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 59,279.00
ethereum
Ethereum (ETH) $ 4,032.59
binance-coin
Binance Coin (BNB) $ 457.88
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 1.99
solana
Solana (SOL) $ 192.31
xrp
XRP (XRP) $ 1.03
polkadot
Polkadot (DOT) $ 41.79
dogecoin
Dogecoin (DOGE) $ 0.250242
shiba-inu
Shiba Inu (SHIB) $ 0.000067
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 59,279.00
ethereumEthereum (ETH)
$ 4,032.59
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 565.14
litecoinLitecoin (LTC)
$ 185.29
bitcoinBitcoin (BTC)
50.855,75
ethereumEthereum (ETH)
3.459,58
tetherTether (USDT)
0,857905
bitcoin-cashBitcoin Cash (BCH)
484,84
litecoinLitecoin (LTC)
158,96
bitcoinBitcoin (BTC)
42,999.50
ethereumEthereum (ETH)
2,925.14
tetherTether (USDT)
0.725375
bitcoin-cashBitcoin Cash (BCH)
409.94
litecoinLitecoin (LTC)
134.40

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021

Blockchain/Cryptocurrency Questions and Answers

ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin59,224 0.58 % 5.28 % 8.20 %
Ethereum4,006.0 0.32 % 4.45 % 3.13 %
Binance Coin457.31 0.66 % 5.68 % 6.40 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Cardano1.980 1.26 % 8.44 % 6.19 %
Solana190.67 0.93 % 7.64 % 21.92 %
XRP1.030 0.71 % 7.80 % 6.34 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Shiba Inu0.00006655 0.75 % 39.00 % 136.44 %
USD Coin1.000 0.14 % 0.20 % 0.17 %

bitcoin
Bitcoin (BTC) $ 59,279.00
ethereum
Ethereum (ETH) $ 4,032.59
binance-coin
Binance Coin (BNB) $ 457.88
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 1.99
solana
Solana (SOL) $ 192.31
xrp
XRP (XRP) $ 1.03
polkadot
Polkadot (DOT) $ 41.79
dogecoin
Dogecoin (DOGE) $ 0.250242
shiba-inu
Shiba Inu (SHIB) $ 0.000067