Zurich Cantonal Bank, Switzerland’s fourth-largest bank, has launched crypto trading and custody services, expanding its financial offerings.
Zurich Cantonal Bank, Switzerland‘s fourth-largest bank, has officially entered the crypto market, offering its clients the ability to trade and store Bitcoin (BTC) and Ethereum (ETH).
In a Sept. 4 press release, the bank said the new offering is integrated into its existing digital platforms, including ZKB eBanking and ZKB Mobile Banking. The bank has partnered with Crypto Finance AG, a subsidiary of Deutsche Börse Group, to execute crypto trades, the press release reads.
Alexandra Scriba, head of institutional clients & multinationals at ZKB, says customers and third-party banks will not need their own wallet and do not have to worry about storing their private keys, as the bank will handle both processes.
ZKB’s entry into the crypto space is not just limited to its own clients as the bank is also offering a business-to-business solution that enables other Swiss banks to provide crypto trading and custody services. Per the press release, Thurgauer Kantonalbank, a Swiss cantonal bank, has become the first partner bank to adopt this service.
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The latest move is continuation of ZKB’s latest efforts to foray into the crypto market as in recent years, the bank explored blockchain technology extensively, including its participation in the issuance of the world’s first digital bond on the SIX Digital Exchange in 2021 and its role as joint lead manager in a 2023 Swiss National Bank pilot project for issuing digital bonds with central bank digital currency.
ZKB’s initiative comes amid a broader expansion of crypto services among Swiss financial institutions. In late June, crypto-friendly bank Sygnum, based in Zurich, extended its business-to-business services to over 20 entities, including PostFinance, ZugerKB, and LuzernerKB, allowing a significant portion of the Swiss population to access crypto markets.
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