Zand Bank and Taurus sign a digital assets partnership

Under the agreement, Zand will leverage Taurus’ 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, Lombard Odier, and Pictet Group, Taurus raised USD 65 million in 2023.

A multi-faceted partnership

At the core of the collaboration is to provide institutional-grade custody for digital assets. Zand will utilise Taurus-PROTECT wallet solution, ensuring secure storage for cryptocurrencies, NFTs, tokenized securities, and digital currencies. With on-premise deployment in the UAE, Zand meets high security and compliance standards in banking.

Leveraging Taurus-PROTECT, Zand is able to implement defence in-depth security on its custodial wallets with multi-layered security controls including:

• Hot and cold HSM environments for optimising efficiency and security;

• Programmable rules and robotic process automation (RPA) features;

• Transaction controls 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.

Augmenting digital finance in the UAE

As one of the first banks in the UAE to embrace digital assets, Zand aims to tarnsform the finance world with innovation, AI, Blockchain technology, and client-centric solutions that bridge TradFi and DeFi, enabling their UAE and global Corporate, Institution and Wealth clients to unlock new opportunities, foster sustainable growth, and drive positive impacts in the evolving digital economy.

Zand is at the forefront in offering 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 high standards of financial stability and regulatory compliance, ensuring a secure and trustworthy banking environment for its clients.