Zurich Cantonal Bank (ZBK), Switzerland’s fourth-largest bank, has recently introduced new cryptocurrency offerings. Users can now trade Bitcoin (BTC) and Ethereum (ETH) through their mobile application.
Crypto Services Launch
According to the bank’s statement, users can trade these cryptocurrencies 24/7 using the app. The bank stated, “We enable you to buy and sell Bitcoin and Ethereum and store your security-relevant access data.”
Partnership with Crypto Finance AG
ZBK has partnered with Deutsche Börse-owned Crypto Finance AG for brokerage services and developed their own custody solution to secure users’ crypto assets. The recent approval of Spot Bitcoin and Ethereum ETFs in the United States has increased the interest of traditional finance players in these leading digital assets. ZBK’s decision reflects Switzerland’s positive stance towards BTC and ETH, positioning the bank as a preferred choice for crypto users in the country.
Switzerland as a Crypto Hub
Switzerland’s favourable regulations have made it one of the top crypto hubs in Europe. For instance, the Swiss National Bank reportedly holds MicroStrategy shares, indirectly exposing it to BTC. According to Swiss BTC analyst and investor Sunny Decree, the Swiss National Bank held about 500 BTC as of June. This favourable regulatory stance and increased BTC exposure could motivate other banks to offer crypto services in Switzerland and across Europe, potentially leading to institutional FOMO and widespread adoption of cryptocurrencies.
The recent move by Zurich Cantonal Bank to introduce cryptocurrency services could set an example for other banks, accelerating crypto adoption in the financial sector.
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