Arab Bank Switzerland has closed a Series A financing round for Swiss digital asset infrastructure business firm Taurus Group. While undisclosed, the amount is reported to be an "8-digit" figure in Swiss francs — implying a $10 meg+ investment.

In September last twelvemonth, Arab Banking company Switzerland and Taurus had partnered to offer the bank'southward clients Bitcoin (BTC) and Ether (ETH) custody and brokerage services. Today, the bank has revealed it will add XRP to this service next month.

Investment will enable Taurus to expand to the wider European marketplace

Arab Depository financial institution Switzerland is a Swiss institution that forms part of the Jordan-headquartered Arab Bank grouping. It was reportedly one of the starting time banks in Switzerland to offering digital avails services and has made known its conviction that the traditional and digital nugget sectors are on track for ever-college levels of convergence.

Speaking to Cointelegraph, Rani Jabban, managing partner at Arab Bank Switzerland, said that the bank had been observing the digital nugget market and blockchain sector since 2022. It took fourth dimension 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 2022.

Jabban said the banking company believes that Taurus' solutions volition aid the manufacture to realize the opportunities that are offered by tokenizing traditional avails, also equally digital assets themselves.

The banking concern more broadly believes that blockchain and smart contracts technologies will bring major efficiency gains for issuers, advisors, investors and institutions beyond the financial services manufacture.

Alongside Arab Banking company Switzerland, a number of strategic investors besides equally existing, private investors took part in the Series A for Taurus, though its co-founders remain the majority stakeholders in the firm.

The company plans to employ the fresh investment to scale upwardly its operations and aggrandize its services to new financial centers in Europe, beginning with London, Paris and Frankfurt.

The Swiss banking and crypto space

Every bit reported, crypto-specific banking institutions have already been established in Switzerland, including Seba Crypto AG and Sygnum, both of which have secured cyberbanking and securities dealer licenses from local regulators.

Amid the country'due south legacy financial institutions, Swiss private bank Maerki Baumann revealed last year that it had experienced a major influx of 400 new clients wanting to tap its planned blockchain offerings after information technology revealed its interest in the sector.