Arab Bank is one of the largest financial institutions in the Middle East, founded in 1930 in Jerusalem, Mandatory Palestine, as the first private sector financial institution in the Arab world. Headquartered today in Amman, Jordan, it serves clients in more than 600 branches spanning five continents. Arab Bank Switzerland has closed a Series A financing round for Swiss digital asset infrastructure firm Taurus Group. The funding amount is worth more then $10 million.
Rani Jabban, managing partner at Arab Bank Switzerland said:
Arab Bank had been observing the digital asset market and blockchain sector since 2017. It took time to find a suitable infrastructure that would enable it to offer custody and trading services to its clients and finally sealed the partnership with Taurus in 2019. We believe that Taurus’ solutions will help the industry to realize the opportunities that are offered by tokenizing traditional assets, as well as digital assets themselves.
Founded in April 2018, Geneva-based Taurus provides infrastructure solutions for issuance, custody and transfer of digital assets, to institutional clients such as banks. Some of its notable clients include SEBA, Vontobel and Arab Bank.
Taurus has “more than 10” clients that are financially regulated entities, adding that the firm is also in “advanced discussions” with “a number of top European banks.”
With Arab Bank Switzerland to add XRP next month, XRP adoption will only grow. Many institutional investors prefer to invest via a safe, regulated platform like an accredited bank. XRP’s addition will further individual investments functioning as a boon for global XRP adoption.