Zürcher Kantonalbank Launches Crypto Services for Retail Customers

Zürcher Kantonalbank Expands Crypto Offerings for Retail Customers

The fourth-largest bank in Switzerland, Zürcher Kantonalbank (ZKB), has taken a significant step into the digital assets space by enabling retail customers to buy, sell, and hold the two most prominent cryptocurrencies: Bitcoin (BTC) and Ethereum (ETH). This initiative comes through a strategic collaboration with Crypto Finance, a digital assets broker owned by Deutsche Börse.

According to a press release issued on Wednesday, customers of ZKB will now have seamless access to BTC and ETH via the bank’s existing platforms, including its Mobile App and eBanking services. This move highlights Switzerland’s innovative approach towards digital assets, as a growing number of financial institutions in the country are providing customers with the ability to trade cryptocurrencies.

Zürcher Kantonalbank has a history of engaging in crypto innovation; notably, it played a crucial role in the issuance of the world’s first digital bond on Switzerland’s SIX Digital Exchange (SDX) back in 2021. This new service marks another milestone in the bank’s ongoing commitment to pioneering financial technologies.

In the context of cryptocurrency management, ZKB emphasizes its role in securely storing customers’ private keys. As stated by Alexandra Scriba, head of institutional clients and Multinationals at ZKB: “When it comes to cryptocurrencies, Zürcher Kantonalbank takes on the critical function of securely storing the private keys. Customers and third-party banks therefore do not need their own wallet and do not have to worry about storing their own private keys. Zürcher Kantonalbank takes care of both.”

This innovative service not only benefits ZKB’s customers but also enables other Swiss banks to offer cryptocurrency trading and custody services. Thurgauer Kantonalbank has already signed on as the first partner bank to utilize this new offering.

Watch: Breaking Down the Crypto Scene in Switzerland