Zurich Cantonal Bank (ZKB), the fourth-largest bank in Switzerland, has announced the launch of its cryptocurrency trading and storage services for Bitcoin and Ethereum. This new offering is seamlessly integrated into ZKB’s existing platforms, enabling clients to trade cryptocurrencies around the clock through ZKB eBanking and ZKB Mobile Banking.
According to Alexandra Scriba, head of institutional clients & multinationals at ZKB, the service prioritizes security and is designed to allow for the addition of more cryptocurrencies and functionalities in the future. Notably, ZKB takes full responsibility for storing private keys, eliminating the need for customers to manage their own wallets.
In addition to serving its own clients, ZKB’s crypto services are also available to third-party banks, with Thurgauer Kantonalbank already utilizing the offering. ZKB has partnered with Crypto Finance AG, a subsidiary of Deutsche Börse Group, to facilitate crypto trading.
This move into the crypto space aligns with ZKB’s ongoing exploration of blockchain technology. The bank previously participated in the issuance of the world’s first digital bond on the SIX Digital Exchange and played a key role in issuing digital bonds backed by digital central bank money as part of a Swiss National Bank pilot project.
ZKB joins other Swiss banks, such as Sygnum, in embracing digital technologies and expanding into the cryptocurrency sector. Sygnum recently reported reaching profitability, fueled by substantial growth in crypto trading and lending volumes.
