Swiss Bank ZKB Launches Crypto Services, Expanding Digital Asset Offerings

Zurich Cantonal Bank (ZKB), Switzerland’s fourth-largest financial institution, has launched cryptocurrency trading and custody services, marking its strategic entry into the digital asset space. The bank now offers its clients the ability to trade and store Bitcoin (BTC) and Ethereum (ETH), two of the most prominent cryptocurrencies.

According to a press release issued on September 4, these services are integrated into ZKB’s existing digital platforms, including ZKB eBanking and ZKB Mobile Banking. ZKB has partnered with Crypto Finance AG, a subsidiary of Deutsche Börse Group, to facilitate these crypto transactions.

Alexandra Scriba, Head of Institutional Clients & Multinationals at ZKB, emphasized that customers and third-party banks will benefit from the bank’s custody solutions, which eliminate the need for clients to manage their own wallets or private keys. This seamless approach aims to simplify crypto adoption among institutional and retail clients alike.

In addition to serving its own customers, ZKB is extending a business-to-business solution that enables other Swiss banks to offer cryptocurrency trading and custody services. Thurgauer Kantonalbank has become the first partner to adopt this service, showcasing ZKB’s commitment to broadening access to digital assets across Switzerland’s banking sector.

ZKB’s foray into the crypto market aligns with its ongoing efforts to explore blockchain technology. The bank has been involved in several pioneering projects, including participating in the issuance of the world’s first digital bond on the SIX Digital Exchange in 2021 and serving as a joint lead manager in a 2023 Swiss National Bank pilot project for issuing digital bonds with central bank digital currency (CBDC).

This move by ZKB comes as Swiss financial institutions increasingly expand their crypto services. Notably, in June, Sygnum, a crypto-friendly bank based in Zurich, extended its B2B services to over 20 entities, including PostFinance, ZugerKB, and LuzernerKB, further enhancing crypto market access for Swiss citizens.

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