Arab Bank Switzerland has made a strategic investment in the digital asset infrastructure firm Taurus Group.
Though the exact size of the investment was not disclosed, it is believed that the amount could be an “8-digit” figure in Swiss francs (approximately $10m).
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Tezos Foundation, Investis, Lombard Odier and other strategic and private investors also joined the funding round.
The group’s co-founders will remain the majority shareholders even after this latest funding round, the firm said in a press release.
Launched in 2018, Taurus Group is a Swiss fintech which aims to build a regulatory compliant end-to-end digital asset infrastructure, which covers issuance, custody, and transfer of digital assets.
The company’s client base includes investment banks, private banks, commercial banks, crypto banks, technology companies and exchanges in Europe.
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By GlobalDataTaurus will use the fresh capital to scale up its operations and expand its footprint in European cities, starting with London, Paris and Frankfurt.
Taurus Group co-founder Sebastien Dessimoz said: “Taurus is already well established in Switzerland and we have seen a growing demand from other European countries including France, the United Kingdom and the DACH region.”
Arab Bank is said to be one of the first banks in Switzerland to offer digital assets services.
Arab Bank Switzerland CEO Serge Robin said: “The financial industry of tomorrow will leverage the blockchain technology both via traditional asset tokenization and digital assets.
“We are excited to invest in the leading Swiss fintech offering an outstanding digital asset infrastructure, thus contributing to a much-needed evolution of our industry.”
Last September, the bank launched a range of digital asset services, providing advisory, custody and brokerage services for Bitcoin and Ethereum.
The bank plans to add Ripple to its offering next month.
