Zand Bank & Taurus signs partnership for digital assets. Source: Shutterstock.com

Zand Bank has selected Taurus as a strategic partner covering all aspects of its digital asset infrastructure, custody, tokenisation, and blockchain connectivity.

Taurus has signed a strategic partnership with Zand, the UAE’s first digital bank. Under this agreement Zand will leverage Taurus’ integrated custody and tokenisation solutions to expand its offering in the field of digital assets: crypto-currencies, tokenised securities, and digital currencies.

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Backed by institutional investors such as Credit Suisse, Deutsche Bank, Arab Bank Switzerland, Lombard Odier and Pictet Group, Taurus raised $65m in 2023.

At the core of the collaboration between Zand and Taurus is to provide the best-in-class institutional-grade custody for digital assets

Zand will utilise Taurus-PROTECT wallet solution, ensuring secure storage for cryptocurrencies, NFTs, tokenised securities, and digital currencies. With on-premise deployment in the UAE, Zand meets a high standard of security and compliance in banking.

Fully integrated with Taurus-PROTECT, Zand will also leverage Taurus-CAPITAL tokenisation solution to issue and perform asset servicing of any type of tokenised financial and real-world assets. Zand will be able to deploy and manage the lifecycle of any smart contract standard across both public and private blockchains.

Both products leverage Taurus’ blockchain node infrastructure Taurus-EXPLORER, which is ISAE3402 Type II audited and provides a unified API and reliable broadcasting algorithms to interface securely with multiple blockchain networks.

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As the first bank in the UAE to embrace digital assets, Zand aims to enhance the finance world with innovation, AI, Blockchain technology and client-centric solutions.

As a fully licenced bank regulated by the Central Bank of the United Arab Emirates (CBUAE), Zand upholds the highest standards of financial stability and regulatory compliance, ensuring a secure and trustworthy banking environment for its clients.

Michael Chan, CEO at Zand, said: “Our partnership with Taurus signifies a new benchmark for digital asset services marking a new era of banking excellence, where security, versatility, and client-centric solutions converge to redefine the very essence of digital economy.”