Switzerland’s fourth-largest bank, Zürcher Kantonalbank (ZKB), expands its offerings by introducing trading and custody services for Bitcoin and Ethereum.
The bank revealed the development in a press release, stating that its customers can trade and store Bitcoin (BTC) and Ethereum (ETH) starting today. Although the financial institution initially supports only BTC and ETH, it hints at plans to integrate other assets in the future.
“Bitcoin and Ethereum are available for the time being […] Our newly launched offer in the area of cryptocurrencies offers a high level of security and allows the integration of additional currencies,” the bank said in a statement.
According to the announcement, the new services were integrated into the bank’s existing channels—ZKB Mobile Banking and e-Banking platforms. This will enable customers to access the newly added services from familiar platforms directly.
Notably, ZKB emphasized that it will provide secure storage of private keys, eliminating the need for customers to create their wallets.
ZKB Offers Crypto Trading and Custody Services to Banks
Moreover, the service is also available to other Swiss-based banks. This would allow third-party Swiss banks to offer their clients crypto trading and custody services through ZKB’s B2B solution. Interestingly, Thurgauer Kantonalbank has already partnered with ZKB to adopt the service.
For context, Zürcher Kantonalbank ranks as the fourth largest bank in Switzerland. In May, GlobalBank reported that ZKB had CHF 192 billion ($225.7 billion) in assets under management (AUM).
ZKB Deepens Ties with Cryptos
Meanwhile, ZKB’s latest offering further expands its foray into the crypto industry. The bank has been exploring opportunities in the burgeoning market since 2021 when it participated in issuing the first digital bond on the Zurich-based exchange SIX.
Two years later, Zürcher Kantonalbank co-led the issuance of digital bonds with central bank digital currency (CBDC). This initiative is part of the Swiss National Bank’s (SNB) digital currency pilot project.
Swiss Banks Offer Crypto Services
The newly introduced service confirms that traditional financial institutions are strongly interested in cryptos. It bears mentioning that most of these banks are based in Switzerland due to its crypto-friendly regulations.
In 2022, Bank Syz introduced crypto trading and custody services for four major cryptocurrencies: Bitcoin, Ethereum, Polygon, and Chainlink.
Furthermore, Zuger Kantonalbank followed a similar approach, launching digital assets services for six cryptos, including XRP and BTC.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
