Switzerland’s Zurich Cantonal Bank Embraces Bitcoin & Ethereum Trading Options
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Highlights:
- Switzerland’s Zurich Cantonal Bank recently announced in a press release that it has embraced Bitcoin and Ethereum trading options.
- The cryptocurrency transactions will involve storage and trading options on ZKB’s Mobile Banking.
- ZKB revealed that the new trading options are available for third-party banking firms and interested individuals.
Switzerland’s fourth-largest bank, Zurich Cantonal Bank (ZKB), became the latest entrant into the crypto space with Bitcoin (BTC) and Ethereum (ETH) trading options.
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The banking firm relayed the latest developments to customers via a press release:
“From September 4, 2024, Zurich Cantonal Bank will enable the trading and secure storage of Bitcoin and Ethereum. The offer is seamlessly integrated into the existing channels and is aimed equally at customers and third-party banks.”
For context, Zurich Cantonal Bank is one of the most popular banks in Switzerland, evidenced by its position. Aside from being the fourth largest bank in the country, the bank is the number one Cantonal Bank with a market valuation of about $290 billion.
🚀 Big News in Crypto!
Switzerland's fourth-largest bank, Zürcher Kantonalbank (ZKB), is now offering crypto services! Clients can trade and store Bitcoin and Ethereum, marking a significant step in institutional adoption of digital assets.
Stay updated with the latest in… pic.twitter.com/p2AQMtnAtS
— James Layton (@jimbeanLit) September 4, 2024
Before ZKB’s announcement, Italy’s second oldest bank, Banca Sella, announced its Bitcoin trading options for users in August. Notedly, the Italian banking firm noted that customers will enjoy transactions at zero costs. Hence, ZKB’s latest escapade in the crypto space and Banca Sella’s earlier announcement will be significant wins for the crypto community.
Customers will Access Crypto Trading and Storage via ZKB’s Mobile Banking
According to the released statement, ZKB will not only offer trading services. Following its recent cryptocurrency involvement, new options will include safekeeping users’ crypto assets. These services will be accessible via ZKB’s eBabking or Mobile Banking. ZKB will incorporate users’ crypto holdings into the existing portfolio view. Additionally, ZKB revealed that it will utilize blockchain technology to organize customers’ assets to ensure safe storage.
Shedding more light on securing users’ assets, Alexandra Scriba, Head of Institutional Clients & Multinationals at Zurich Cantonal Bank, remarked:
“When it comes to cryptocurrencies, Zurich Cantonal Bank takes on the critical function of securely storing the private keys. Customers and third-party banks therefore do not need their wallets and therefore do not have to worry about storing their private keys. Zurich Cantonal Bank takes care of both.”
Trading Opportunities Open for Third-Party Banks as Zurich Cantonal Bank Embraces Bitcoin
ZKB noted that third-party banks and individuals not affiliated with the banking firm can access the trading services. Per the released statement, the business-to-business solution from Zurich Cantonal Bank will offer secured storage and trading options for third-party banks and interested individuals.
Currently, only Thurgauer Cantonal Bank has adopted the business-to-business solution. Meanwhile, orders are traded through Crypto Finance AG, a financial technology firm.
An Overview of ZKB’s Journey into the Crypto Space
Established as far back as 1870, Zurich Cantonal Bank has been at the forefront of banking institutions in Switzerland and the European region. It took the giant banking firm until 2021 to record its first involvement with crypto transactions. Notably, ZKB assisted in distributing the world’s premier digital bond via the SIX Digital Exchange.
Interestingly, in 2023, ZKB spearheaded another digital bond issuance. However, unlike 2021, it happened in collaboration with digital central bank money. In the 2023 distribution, ZKB served as the joint lead manager for the project.
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