On September 4, Zürcher Kantonalbank (ZKB), Switzerland’s fourth largest bank, launched cryptocurrency trading and custody services. From now on, Zürcher Kantonalbank customers will be able to trade Bitcoin and Bitcoin 24/7 through ZKB eBanking or ZKB Mobile Banking. Ethereum, and its holdings are also integrated into personal portfolio visuals.
ZKB takes the lead in laying out the encryption industry
According to the official press release, ZKB made advance arrangements as early as 2021 to participate in the digital bond program of the Swiss SIX Digital Exchange and assist in the issuance of the world's first digital bond; in 2023, ZKB also used the Swiss National Bank's digital funds to issue digital bonds. Small-scale testing, this series of initiatives highlights ZKB's forward-looking layout in the Web3 sector. They are committed to promoting the combination of traditional finance and blockchain technology and laying the foundation for Switzerland's digital financial ecosystem.
Alexandra Scriba, Head of Multinational Companies at ZKB, said:
"The new products we launch through blockchain technology have a high level of security and allow the integration of other currencies or applications, so customers and third-party banks do not need to open additional wallets. ZKB can ensure a highly secure cryptocurrency Transactions and private key storage.
In addition to Swiss citizens, ZKB also provides corporate cryptocurrency trading and storage services. Currently, Swiss state bank Thurgauer Kantonalbank has cooperated with ZKB to expand the scope of ZKB’s cryptocurrency services.
International Banking and the Adoption of Blockchain Solutions
Since 2023, news of large banks adopting cryptocurrency solutions has spread internationally. The most well-known cases are the Depository Trust Company (DTCC), Citibank of the United States, and Australia led by the Society for International Financial Telecommunications (SWIFT). Small-scale tokenization tests have been launched jointly by large institutions such as Seng Bank and BNP Paribas.
The plan cooperates with the smart contract platform Chainlink to integrate its cross-chain interoperability protocol "Chainlink CCIP" into SWIFT's bank wire transfer system, providing a faster and more convenient cash flow settlement solution for cross-border bank remittances.
Web3 will lead the development of traditional financial innovation
Although global cryptocurrency trading and digital asset applications continue to grow, the adoption of blockchain has always been limited due to inconsistent policies across countries. Today, ZKB and some international banks have taken the lead in launching safe, compliant and efficient cryptocurrency services, allowing the world to see the innovation brought by blockchain technology and providing a reference model for traditional finance.