ZKB Introduces Bitcoin and Ether Trading

September 05, 2024 03:39 PM AEST | By Team Kalkine Media

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ZKB Introduces Bitcoin and Ether Trading — Image source: shutterstock

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Zurich Cantonal Bank (ZKB), one of Switzerland's largest financial institutions, has recently expanded its services to include cryptocurrency trading and custody. This move aligns with the growing trend among banks to integrate digital assets into their offerings. According to an official announcement made on September 4, ZKB is now providing secure storage and trading services for {Bitcoin} (BTC) and Ether (ETH). The bank's new services are seamlessly integrated into its existing eBanking and Mobile Banking platforms, enabling customers to manage their cryptocurrency holdings alongside their traditional assets.

ZKB, known locally as Zürcher Kantonalbank, is Switzerland’s largest cantonal bank and the fourth-largest bank in the country, boasting significant total assets. The new cryptocurrency services allow customers to trade digital currencies on a 24/7 basis directly through ZKB’s platforms, with their holdings incorporated into their overall portfolio view.

In addition to serving individual clients, ZKB is offering its cryptocurrency custody and trading solutions to third-party banks. This business-to-business (B2B) service enables other Swiss banks to provide their customers with secure trading and storage options for Bitcoin and Ether. Thurgauer Kantonalbank, which serves the canton of Thurgau, is the first partner to utilize ZKB’s B2B service. Transactions are facilitated through Crypto Finance AG, a subsidiary of Deutsche Börse Group.

ZKB has been actively exploring the blockchain and digital asset space over recent years. The bank played a significant role in the issuance of the world’s first digital bond on the SIX Digital Exchange in 2021 and participated in the issuance of digital bonds with central bank digital currency as part of a pilot project with the Swiss National Bank in 2023. These initiatives underscore ZKB’s commitment to advancing its capabilities in the digital asset domain.

This latest development from Zurich Cantonal Bank reflects a broader trend among Swiss banks, including Zuger Kantonalbank, St. Galler Kantonalbank AG, and Luzerner Kantonalbank, which have previously introduced similar cryptocurrency services.

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