Zand Bank & Taurus Signs Partnership for Digital Assets
Dubai, 2 July 2024
Taurus SA (“Taurus”) is pleased to announce that Zand Bank PJSC (“Zand”), has selected Taurus as a strategic partner covering all aspects of its digital asset infrastructure: custody, tokenization, and blockchain connectivity.
Taurus, the global leader in digital asset technology for banks, has signed a strategic partnership with Zand, the UAE’s first digital bank. 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. Backed by institutional investors such as Credit Suisse, Deutsche Bank, Arab Bank Switzerland, Lombard Odier and Pictet Group, Taurus raised $65 million in 2023.
Multi-faceted partnership: Crypto-currencies, NFTs, tokenized securities, and digital currencies
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 utilize Taurus-PROTECT™ wallet solution, ensuring secure storage for cryptocurrencies, NFTs, tokenized securities, and digital currencies. With on-premise deployment in the UAE, Zand meets the highest security and compliance standards in banking.
Leveraging Taurus-PROTECT™, Zand is able to implement defense in-depth security on its custodial wallets with multi-layered security controls including:
- Hot and cold HSM environments for optimizing efficiency and security;
- Programmable rules and robotic process automation (RPA) features;
- The finest transaction controls in the industry, down to the smart contracts, in line with all applicable regulations, including those of the UAE;
Fully integrated with Taurus-PROTECT™, Zand will also leverage Taurus-CAPITAL™ tokenization solution to issue and perform asset servicing of any type of tokenized 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 – public and permissioned.
As the first bank in the UAE to embrace digital assets, Zand aims to revolutionize the finance world with innovation, AI, Blockchain technology and client-centric solutions that bridge TradFi and DeFi, empowering their UAE and global Corporate, Institution and Wealth clients to unlock infinite opportunities, foster sustainable growth, and drive positive impacts in the evolving digital economy.
Zand is at the forefront in offering the most secure and institutional-grade Digital Asset Custody service in the MENA region. As a fully licensed 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, says, "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."
Bashir Kazour, Managing Director at Taurus: “It’s a privilege to assist Zand, a leader in digital banking, in launching their digital asset strategy in line with all applicable regulations. I look forward to supporting Zand deliver landmark transactions in the area of tokenized assets.”