Zurich Cantonal Bank, Switzerland’s fourth-largest bank, has expanded its financial services by launching cryptocurrency trading and custody services.
Zurich Cantonal Bank, the fourth largest bank in Switzerland, has officially entered the cryptocurrency market, offering its customers trading and custody services for Bitcoin (BTC) and Ethereum (ETH).
In a press release dated September 4, the bank said the new service has been integrated into its existing digital platforms, including ZKB eBanking and ZKB Mobile Banking. The bank has collaborated with Crypto Finance AG, a subsidiary of Deutsche Börse Group, to execute cryptocurrency transactions, according to the press release.
Alexandra Skriva, head of institutional clients and multinationals at ZKB, said that customers and third-party banks do not need to have their own wallets or worry about storing their private keys, as the bank handles both processes.
ZKB’s foray into the crypto space is not limited to its own clients. The bank also offers business-to-business solutions that enable other Swiss banks to offer cryptocurrency trading and custody services. According to a press release, Swiss state bank Thurgauer Kantonalbank is the first partner bank to implement this service.
The latest move continues ZKB’s recent efforts to enter the crypto market. The bank has been exploring blockchain technology extensively in recent years, participating in the world’s first digital bond issuance on the SIX Digital Exchange in 2021, and acting as co-lead manager for a pilot project with the Swiss National Bank to issue digital bonds backed by a central bank digital currency in 2023.
ZKB’s initiative comes amid a broader expansion of crypto services among Swiss financial institutions. In late June, Zurich-based crypto-friendly bank Sygnum extended its B2B services to more than 20 institutions, including PostFinance, ZugerKB, and LuzernerKB, making the crypto market accessible to a significant portion of the Swiss population.