Since 2018, the UAE has imposed strict laws on cryptocurrencies, ensuring the digital assets are supervised by the government. However, crypto’s popularity and growth has seen the demand for it increase in the UAE and looking to make it more accessible, Zand Bank PJSC, the UAE digital bank has selected Taurus SA, the digital asset infrastructure provider, as a partner to create better infrastructure.
Under this agreement, Zand will leverage Taurus’ integrated custody and tokenisation solutions to expand its offering in the field of digital assets. This includes cryptocurrencies, tokenised securities, and digital currencies.
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 the highest security and compliance standards in banking. Additionally, by using this solution, Zand will be able to implement defence in-depth security on its custodial wallets with multi-layered security controls. This includes:
- Hot and cold HSM environments for optimising 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
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.”
Backed by institutional investors such as Credit Suisse, Deutsche Bank, Arab Bank Switzerland, Lombard Odier and Pictet Group, Taurus raised $65million in 2023.
Beyond Taurus-PROTECT
Zand will also leverage the Taurus-CAPITAL tokenisation solution, integrated with Taurus-PROTECT. This will enable it 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. It also provides a unified API and reliable broadcasting algorithms to interface securely with multiple blockchain networks – public and permissioned.
As a bank in the UAE embracing digital assets, Zand aims to revolutionise the finance world with innovation, AI, blockchain technology and client-centric solutions that bridge TradFi and DeFi. The bank also empowers its UAE and global corporate, institution and wealth clients to unlock opportunities, foster sustainable growth, and drive positive impacts in the evolving 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 tokenised assets.”
