Zurich Cantonal Bank (ZKB), Switzerland’s largest cantonal bank, has launched cryptocurrency trading and custody services, allowing customers to trade Bitcoin (BTC) and Ether (ETH) through its eBanking and mobile banking platforms. The new offering integrates cryptocurrency holdings into customers’ existing portfolios and provides secure storage of digital assets.
ZKB, with assets totaling 200 billion Swiss francs ($235 billion), is the fourth-largest bank in Switzerland. The service is aimed at both individual customers and third-party banks, enabling them to trade cryptocurrencies without managing private keys or wallets. ZKB has taken on the responsibility of securely storing private keys for its clients.
The bank announced the new service on September 4, 2024, further expanding the presence of traditional banking institutions in the cryptocurrency market.
ZKB’s cryptocurrency services are available to its customers across Switzerland via its eBanking and mobile platforms. In addition, Thurgauer Kantonalbank, a partner bank, has adopted ZKB’s business-to-business (B2B) crypto solution for its own clients, making it one of the first banks to use ZKB’s crypto services.
The launch comes as ZKB seeks to meet increasing demand for secure and regulated cryptocurrency services in the financial sector. By offering crypto trading and custody services, ZKB is catering to the growing interest in digital assets while ensuring high levels of security and compliance with international standards. The bank also aims to eliminate the risks associated with third-party management of private keys by handling custody in-house.
ZKB provides 24/7 crypto trading through its existing banking platforms, integrating these holdings into customers’ portfolio views. The bank ensures the secure storage of private keys, adhering to the highest security standards, including ISAE3000 and ISAE3402. Trading is facilitated through Crypto Finance AG, a subsidiary of Deutsche Börse Group, ensuring reliable and efficient transactions.
ZKB has a history of involvement in blockchain and digital assets, including its participation in the world’s first digital bond issuance on the SIX Digital Exchange in 2021. This latest move solidifies ZKB’s commitment to further expanding cryptocurrency adoption within Switzerland’s financial landscape.
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