Zurich Cantonal Bank (ZKB), the fourth-largest bank in Switzerland, has expanded its financial services by officially launching cryptocurrency trading and custody options. With this move, ZKB is stepping into the growing crypto market, providing clients with the ability to trade and store both Bitcoin and Ethereum.
ZKB Partners with Crypto Finance AG for Secure Crypto Trading and Custody
In a press release dated September 4, the bank detailed how the new cryptocurrency offering will be fully integrated into its existing digital platforms, such as ZKB eBanking and ZKB Mobile Banking. To facilitate the execution of these crypto trades, the bank has formed a partnership with Crypto Finance AG, a subsidiary of Deutsche Börse Group.
Alexandra Scriba, ZKB’s head of institutional clients and multinationals, highlighted that the bank will simplify the process for customers. Clients, as well as third-party banks, will not need to manage their own cryptocurrency wallets or worry about the security of their private keys, as the bank will handle both storage and key management on their behalf.
ZKB Extends Crypto Services to Other Swiss Banks through B2B Solutions
In addition to offering crypto services to its direct clients, ZKB is also providing a business-to-business (B2B) solution for other Swiss banks. This service allows these banks to offer cryptocurrency trading and custody services to their customers. The press release further notes that Thurgauer Kantonalbank, another Swiss cantonal bank, is the first partner to adopt this new service.
ZKB’s latest move builds on its previous efforts in the blockchain and crypto space. In recent years, the bank has actively explored blockchain technology, including its participation in issuing the world’s first digital bond on the SIX Digital Exchange in 2021. Moreover, ZKB was a joint lead manager in a 2023 pilot project by the Swiss National Bank, which involved the issuance of digital bonds using central bank digital currency.
This expansion into crypto services by ZKB comes amid a broader trend of Swiss financial institutions incorporating cryptocurrency offerings. For instance, in late June, Sygnum, another Zurich-based bank known for being crypto-friendly, expanded its B2B services. Sygnum now serves over 20 entities, including PostFinance, Zuger Kantonalbank (ZugerKB), and Luzerner Kantonalbank (LuzernerKB), thus broadening crypto market access to a significant portion of the Swiss population.
ZKB’s continued exploration of blockchain and cryptocurrency reflects the increasing demand for such services in Switzerland. The bank’s efforts are part of a wider industry shift toward embracing digital assets, with various institutions in the country taking steps to provide secure and regulated crypto-related services.
JUST IN: 🇨🇭$290 billion Zurich Cantonal Bank launches #Bitcoin and crypto offerings. pic.twitter.com/ILUTSHWn8V
— Bitcoin Magazine (@BitcoinMagazine) September 4, 2024
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