Zürcher Kantonalbank (ZKB) announced the launch of its cryptocurrency service for retail clients and third-party banks. The bank has partnered with Crypto Finance.
New Cryptocurrency Service
According to an official announcement on Sept. 4, Zürcher Kantonalbank (ZKB) is now providing trading and custody services for Bitcoin and Ether. The bank stated, “The offer is seamlessly integrated into the existing channels and is aimed equally at customers and third-party banks.” ZKB customers can now trade Bitcoin and Ether through the bank’s mobile app, eBanking, and other channels.
Bank and Partner Details
Zürcher Kantonalbank (ZKB) is one of Switzerland’s four major banks and the largest cantonal bank, with total assets of 200 billion Swiss francs ($235 billion). The bank is owned by the canton of Zurich and was ranked as the world’s second safest bank for 2023 by Global Finance, based on AAA ratings from Fitch, Moody’s, and S&P, as well as total assets.
Context and Crypto Market in Switzerland
While Switzerland is known for its supportive stance on crypto, with some wealth managers offering crypto services for years, retail offerings are newer. Earlier this year, PostFinance became the first of Switzerland’s big four banks to offer cryptocurrency services through a partnership with Sygnum Bank. In 2021, BBVA Switzerland was one of the first banks globally to launch digital asset services without net worth requirements.
The launch of Zürcher Kantonalbank's cryptocurrency service represents a significant step in the development of the crypto market in Switzerland, expanding opportunities for both retail clients and third-party banks.
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