Switzerland’s Fourth Largest Bank Announces Its Involvement in the Cryptocurrency Market – Here are the Details

The Cantonal Bank of Zurich (ZKB), Switzerland’s fourth largest bank, has announced its entry into the cryptocurrency market by offering its clients the ability to trade and store Bitcoin and Ethereum.

This new service seamlessly integrates with ZKB’s existing digital platforms, including eBanking and Mobile Banking, allowing customers to trade cryptocurrencies around the clock.

Alexandra Scriba, Head of Corporate Clients and Multinationals at ZKB, recently stated in a press release that the new service is secure and allows for the integration of additional currencies and applications in the future. Scriba praised the user-friendly nature of the service, noting that customers do not need to manage their own wallets or private keys, with ZKB handling these functions on their behalf.

ZKB’s crypto services are not limited to its own customers. According to the statement, third-party banks where Thurgauer Kantonalbank already benefits from the service can also use the bank’s offer. To enable crypto trading, ZKB is partnering with Crypto Finance AG, a subsidiary of Deutsche Börse Group.

This move into the crypto space is part of ZKB’s overall strategy to embrace digital technologies. The bank has been actively involved in blockchain projects, including the issuance of the world’s first digital bond on the SIX Digital Exchange in 2021. More recently, in 2023, ZKB played a key role as joint lead manager in the issuance of digital central bank money and digital bonds as part of the Swiss National Bank’s pilot project.

*This is not investment advice.