Despite the fact that it is not among the top 10 largest cryptocurrencies, Tezos (XTZ) is still one of the highly popular cryptocurrencies. In fact, it is so sought after that Arab Bank Switzerland decides to enable the ability to store, stake, and trade XTZ for its institutional clients.
One possible reason behind the decision — other than demand, that is — might be the fact that Tezos recently saw a strong price increase, which even led the coin to hitting a new all-time high.
This was only the latest in a series of price surges that have been taking place since late July, and this latest one started on September 30th. After surging for several days, XTZ hit a new ATH at $9.12 on October 4th. However, the growth was followed by a correction which took XTZ down to $7.50. The coin corrected by 10.65% in the last 24 hours alone.
Even so, the news of the banking organization adding support for Tezos was received with a lot of enthusiasm, especially, since the bank plans to create an entire set of innovative and regulatory-compliant on-chain digital financial products.
Not the first time Tezos teamed up with a large bank
Rani Jabban, the bank’s Managing Director, said that digital assets are now a cornerstone of the bank’s strategy, and they require strong agility while complying with the highest security standards. The bank itself aims to bridge tradition and cutting-edge innovation, has Jabban noted, and Tezos is a perfect project to do so, thanks to its scalability, high-quality governance, staking possibilities, and other benefits that come with the project.
On top of that, the project already has experience when it comes to working with large banks, as it already collaborates with Societe Generale as of April 2021. The project is also well acquainted with Swiss-based organizations, as it was picked to enable asset tokenization by Inacta, Crypto Finance Group, and InCore Bank.
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