One of the biggest banks in Switzerland, Zurich Cantonal Bank ZKB, is the most recent financial organization that has allowed its clients to trade crypto.
Alexandra Scriba, an executive, stated that Zurich Cantonal Bank will assume the responsibility of safely keeping the private keys for its clients.
Zurich Cantonal Bank currently provides trading and custody services for Bitcoin BTC $56,433 and Ether ETH $2,396; this was officially announced on September 4. The bank stated, “The offer is aimed equally at customers and third-party banks and is seamlessly integrated into the existing channels.”
With total assets of 200 billion Swiss francs ($235 billion), Zurich Cantonal Bank—also referred to locally as Zürcher Kantonalbank—is Switzerland’s biggest cantonal bank and the fourth-largest bank.
ZKB assumes accountability for its clients’ cryptocurrency storage.
The release states that ZKB eBanking and ZKB Mobile Banking users would have immediate access to trade cryptocurrencies around-the-clock. The bank said, “The cryptocurrency holdings will be integrated into the existing portfolio view.”
Alexandra Scriba, head of institutional customers at Zurich Cantonal Bank, stated, “Our recently launched offering in the area of cryptocurrencies offers a high level of security and allows the integration of other currencies and applications.” She continued, saying:
“When it comes to cryptocurrencies, Zurich Cantonal Bank takes on the critical function of securely storing the private keys. Customers and third-party banks therefore do not need their own wallet and therefore do not have to worry about storing their own private keys. Zurich Cantonal Bank takes care of both.”
Third-party banks can use ZKB’s cryptocurrency custody and trading service.
ZKB stated that private customers and banks affiliated with third parties could use its recently introduced cryptocurrency custody and trading service.
Zürcher Kantonalbank’s business-to-business (B2B) solution enables Swiss banks to provide their clients with safe storage and trading of Bitcoin and Ethereum, according to the bank.
The first partner bank to use ZKB’s B2B service is Thurgauer Kantonalbank, a Swiss cantonal bank that serves the Thurgau canton, according to the statement. Orders are transacted through Crypto Finance AG, a German multinational firm specializing in financial technology, the Deutsche Börse Group division.
Over the past few years, ZKB has been investigating the digital asset area.
Founded as the “bank of the citizens of Zurich,” ZKB was established in 1870. The bank has been investigating the blockchain and cryptocurrency space for some time, and in 2021, it took part in the world’s first digital bond being issued on the SIX Digital Exchange.
As part of a Swiss National Bank pilot project, ZKB also oversaw the issuance of digital bonds in 2023, managing the central bank’s digital currency as a joint lead manager.
Local cryptocurrency investor and entrepreneur Jakob Bosshard claims that ZKB was supposed to debut its services at least two months ago.
Earlier in July, Bosshard noted in a post that several Swiss banks, including the Swiss Cantonal Banks Zuger Kantonalbank, St. Galler Kantonalbank AG, and Luzerner Kantonalbank, have also effectively launched cryptocurrency services.
