Summary:
- New Crypto Offering: Zurich Cantonal Bank (ZKB), Switzerland’s fourth-largest bank, has launched crypto trading and custody services, allowing clients to trade Bitcoin and Ethereum directly.
- Partnership with Crypto Finance AG: The bank has partnered with Crypto Finance AG, a subsidiary of Deutsche Börse Group, to facilitate crypto trades.
- Integrated Platforms: The service is available through ZKB’s digital platforms, including ZKB eBanking and ZKB Mobile Banking.
- User-Friendly Approach: Customers won’t need their own wallets or private key management, as ZKB will handle both.
- 24/7 Crypto Trading: ZKB clients can trade cryptocurrencies around the clock through the bank’s digital banking platforms.
Zurich Cantonal Bank (ZKB), Switzerland’s fourth-largest bank, has taken a significant step into the cryptocurrency space by launching crypto trading and custody services. In a press release issued on Sept. 4, ZKB announced that its clients can now trade and store Bitcoin and Ethereum directly through its existing digital platforms, ZKB eBanking and ZKB Mobile Banking.
To ensure secure and efficient trades, ZKB has partnered with Crypto Finance AG, a subsidiary of Deutsche Börse Group, which will handle the execution of crypto transactions on behalf of the bank. This new service marks ZKB’s entry into the expanding crypto market, further solidifying its position as a key player in Swiss banking.
Unlike traditional crypto trading, where users must manage their own wallets and private keys, ZKB’s offering simplifies the process. Alexandra Scriba, head of institutional clients & multinationals at ZKB, emphasized that clients and third-party banks do not need their own crypto wallets or worry about the complexities of private key storage—ZKB will manage both for them.
With total assets amounting to 200 billion Swiss francs ($235 billion), ZKB is Switzerland’s largest cantonal bank and now joins a growing number of traditional financial institutions embracing cryptocurrency. According to the announcement, clients can access cryptocurrency trading 24/7 via ZKB’s digital platforms, enabling them to manage their digital assets conveniently and securely.
By integrating crypto services into its existing banking ecosystem, ZKB is positioning itself to meet the growing demand for digital assets in Switzerland, a country known for its progressive stance on cryptocurrency adoption. This move reflects a broader trend of established banks expanding their offerings to include digital currencies, underscoring the increasing convergence of traditional finance and the crypto world.
Disclaimer:
The information provided on 13Desk is for informational purposes only and should not be considered financial advice. We strongly recommend conducting your own research and consulting with a qualified financial advisor before making any investment decisions. Investing in cryptocurrencies carries risks, and you should only invest what you can afford to lose. 13Desk is not responsible for any financial losses incurred from your investment activities.
