Zand Bank, one of the prominent neobanks in the UAE, has partnered with crypto infrastructure firm Taurus to initiate a digital asset strategy that will help it offer crypto services to its users.
Swiss crypto infrastructure firm Taurus has expanded its partnerships in the Middle East. This time, it has teamed up with a neobank in the UAE, Zand Bank, to offer services like custody, tokenization, and blockchain connectivity. Using the firm’s crypto infrastructure, Zand Bank will chart a digital asset strategy and crypto services for its users. It will include tokenized assets, custody solutions, and other crypto services.
Zand Bank also issued a press release stating, “Under this agreement, Zand will leverage Taurus’ market-leading integrated custody and tokenization solutions to expand its offering in the field of digital assets: crypto-currencies, tokenized securities, and digital currencies.”
The bank will also leverage Taurus’ wallet solution to store crypto assets. Further, its custody solution will be used for institutional-grade custody of crypto assets. Meanwhile, Taurus’ tokenizing solution will enable the bank to perform and issue asset servicing of digital assets. In the press release, the digital bank also mentioned blockchain use cases such as TradFi and DeFi, which they aim to bridge with their solutions.
Representatives from both Zand Bank and Taurus praised the partnership and described its potential in the space. Moreover, banks around the globe have gradually ventured into crypto in recent years. This move towards crypto adoption by banks presents a win-win scenario, offering benefits for both institutions and their customers.
Blockchain technology, the backbone of crypto, holds immense potential for streamlining financial processes and creating new avenues for value creation. Banks are exploring ways to leverage blockchain to enhance efficiency, security, and transparency in their own operations.
Further, they are exploring ways to integrate crypto with existing financial services like cross-border payments or international remittances.
Check out Millionero’s blog to explore crypto and blockchain in detail!