Zürcher Kantonalbank (ZKB), the fourth-largest bank in Switzerland, has recently launched new services for trading and secure storage of major digital assets such as Bitcoin and Ethereum. The announcement on Sept. 4 revealed that customers can now engage in BTC and ETH transactions through ZKB’s existing ZKB eBanking or ZKB Mobile Banking platforms, which are accessible around the clock. This development is made possible through a collaboration with Crypto Finance AG, a subsidiary of the Deutsche Börse Group.
Head of Institutional Clients & Multinationals at ZKB, Alexandra Scriba, emphasized the robust security measures in place for the bank’s crypto trading service. She pointed out that ZKB securely manages private keys, eliminating the need for customers and external banks to handle their own wallets, thus addressing concerns about private key storage.
Additionally, ZKB has introduced a business-to-business solution that allows other Swiss banks to offer crypto trading and custody services, with Thurgauer Kantonalbank being the initial partner bank to utilize this service.
The launch of these new crypto trading services by ZKB reflects the wider trend of traditional financial institutions venturing into the crypto market. Cantor Fitzgerald CEO Howard Lutnick recently recognized Bitcoin’s potential as a significant asset in the financial sector, indicating a growing interest in integrating cryptocurrencies into conventional financial systems.
In the United States, the successful introduction of Bitcoin and Ethereum exchange-traded funds (ETFs) has spurred institutional interest in cryptocurrencies. Bitwise CIO Matt Hougan noted the rapid adoption of these products by institutions, particularly Bitcoin ETFs, as unprecedented.
ZKB’s entry into the realm of crypto trading and custody services signifies the changing landscape of traditional finance embracing digital assets. With prominent entities entering this arena, the industry is set for further expansion and the integration of cryptocurrencies into mainstream financial services.
