Swiss Banking Giant ZKB Partners with Crypto Finance to Offer Crypto Brokerage Services
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Zurich Cantonal Bank (ZKB), one of Switzerland’s largest banking institutions, has launched crypto brokerage services for its customers.
The bank has partnered with Crypto Finance AG, a subsidiary of the German multinational Deutsche Börse Group, to execute cryptocurrency trades.
As of September 4, ZKB now offers trading and custody services for Bitcoin and Ether, the bank said in an official press release.
ZKB to Integrate New Services to Existing Banking Channels
ZKB said that the new services are integrated into existing banking channels, providing easy access for both individual clients and third-party banks.
Customers can now trade cryptocurrencies 24/7 via ZKB’s eBanking or Mobile Banking platforms.
The bank emphasized that cryptocurrency holdings will be included in the customer’s overall portfolio view, streamlining asset management within their traditional banking services.
“Our newly launched offering in the area of cryptocurrencies offers a high level of security and allows the integration of other currencies and applications,” Alexandra Scriba, ZKB’s head of institutional clients, said.
She explained that ZKB will take on the responsibility of securely storing the private keys for its customers.
“Customers and third-party banks therefore do not need their own wallet and therefore do not have to worry about storing their own private keys. ZKB takes care of both.”
The move aligns ZKB with other forward-looking Swiss banks, offering crypto services to meet increasing customer demand in the digital finance space.
The bank’s crypto brokerage service is not just available to its own customers but also extends to third-party financial institutions.
As part of its business-to-business (B2B) solution, ZKB has already partnered with Thurgauer Kantonalbank, another Swiss cantonal bank, to offer crypto trading and custody services to their clients.
ZKB Resumes Push into Crypto
ZKB’s venture into the cryptocurrency market is not its first involvement with blockchain technology.
In 2021, ZKB participated in the issuance of the world’s first digital bond on the SIX Digital Exchange, and in 2023, the bank played a key role in issuing digital bonds utilizing central bank digital currency (CBDC) as part of a Swiss National Bank pilot project.
The move to offer crypto services is seen as part of a broader trend among Swiss banks, as other institutions, including Zuger Kantonalbank, St. Galler Kantonalbank, and Luzerner Kantonalbank, have already introduced similar offerings.
Bank in April, a group of Bitcoin enthusiasts based in Switzerland even tried to convince the Swiss National Bank (SNB) to include Bitcoin in its reserves.
They launched a petition to initiate a referendum that would seek to amend the country’s constitution, which would require gathering over 100,000 signatures from Swiss citizens.
As reported, Western Europe has emerged as a leading region in global crypto adoption, attracting a substantial number of daily traders, ranging from 1.2 million to 1.5 million individuals.
Germany and France are at the forefront of activity in the region, while Austria has experienced the most significant yearly growth, witnessing a remarkable 70% surge in users.
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