Swiss Banking Giant ZKB Launches Bitcoin and Ethereum Trading
Zurich Cantonal Bank (ZKB), Switzerland's fourth-largest bank, launched Bitcoin and Ethereum trading services for its customers on Sept 4, 2024.
ZKB, with total assets of approximately 200 billion Swiss francs ($235 billion), now offers crypto trading through its eBanking and Mobile Banking platforms.
The bank will securely store private keys for clients, eliminating the need for customers to manage their own cryptocurrency wallets. Alexandra Scriba, ZKB's head of institutional clients, emphasized the security of the new service.
ZKB's move is expected to impact cryptocurrency adoption in Switzerland and beyond by integrating cryptocurrency holdings into the existing portfolios. This could attract more institutional investors to the crypto market.
Restrictions apply: only Switzerland-based customers are eligible, and they must sign trading and security agreements. All cryptocurrency purchases will be conducted in US dollars, with Swiss Franc transactions subject to currency conversion.
This development follows a broader trend of traditional financial institutions embracing digital assets, including the recent approval of Bitcoin and Ethereum ETFs in the United States.
