One of the largest financial organizations in Switzerland, Zurich Cantonal Bank, has revealed that it would be offering its clients cryptocurrency trading services.
Starting on September 4, the bank, known locally as Zürcher Kantonalbank (ZKB), will offer Bitcoin and Ether trading and custody services. This action allows digital assets to fit the bank’s current channels, so that both independent consumers and outside banks can participate.
With assets of 200 billion Swiss francs ($235 billion), ZKB, the fourth-largest bank in the nation and the largest cantonal bank in Switzerland, is improving its offers by letting clients trade cryptocurrencies straight via ZKB eBanking and ZKB Mobile Banking systems.
These services are open around the clock; hence, existing portfolio views will easily incorporate cryptocurrency holdings.
Zurich Cantonal Bank Provides Crypto Trading
Alexandra Scriba, head of institutional clients at Zurich Cantonal Bank, emphasized the security aspects of the new service, pointing out that the bank will be in charge of safely keeping client private keys. This ensures high levels of security and ease by eliminating the need for consumers and external banks to handle their own wallets.
Though asked for comments, Zurich Cantonal Bank has not offered further details on its involvement in crypto custody. In the meantime, the bank has clarified that both personal consumers and third-party banks will be able to use the new crypto trading and custody services.
By means of ZKB’s business-to-business (B2B) solution, other Swiss banks can provide clients with safe trading and storage of Bitcoin and Ethereum via ZKB’s business-to-business (B2B) solution.
The first partner bank to make use of ZKB’s B2B service is Thurgauer Kantonalbank, a regional bank serving Thungau canton. Crypto Finance AG, an affiliate of Deutsche Börse Group, will handle the orders.
Zurich Cantonal Bank was founded in 1870 as the “bank of the citizens of Zurich.” It has been involved in investigating blockchain technology and the cryptocurrency industry.
As part of a Swiss National Bank pilot project, the bank managed the issuing of digital bonds with central bank digital currency in 2023 and participated in the SIX Digital Exchange in 2021 to help to issue the first digital bond worldwide.
Jakob Bosshard, a local cryptocurrency entrepreneur, pointed out that other Swiss cantonal banks had already launched similar services, so ZKB’s entry into crypto services was expected at least two months in advance.
