- Zurich Cantonal Bank moves into crypto services.
- ZKB offers trading and storage of crypto.
- Third-party banks can utilise ZKB's crypto services.
Zurich Cantonal Bank, Switzerland’s fourth-biggest bank, is offering clients the opportunity to trade and store Bitcoin and Ethereum.
The offer is seamlessly integrated into its existing channels, including ZKB eBanking and ZKB Mobile Banking, so clients can now trade crypto around the clock, the bank said in a news release.
“”Our newly launched offer in the field of cryptocurrencies offers a high level of security and allows the integration of further currencies and applications,” said Alexandra Scriba, head of institutional clients & multinationals at ZKB.
She added that customers do not need their own wallets and do not have to worry about the storage of their own private keys, as ZKB handles both functions.
Third-party banks are also able to take advantage of ZKB’s service, as Thurgauer Kantonalbank is already using it, according to the release.
ZKB is partnering with Crypto Finance AG, a subsidiary of the Deutsche Börse Group, to handle crypto trading.
The bank has been working on blockchain technology for some time. In 2021, ZKB was involved in the issuance of the world’s first digital bond on the SIX Digital Exchange, and in 2023, as joint lead manager, it handled the issue of digital bonds with digital central bank money as part of a Swiss National Bank pilot project.
ZKB is not the only Swiss bank developing digital technologies and moving into crypto.
In July, Sygnum, a Swiss global crypto banking group with about $4.5 billion in client assets, reported that it reached profitability following a strong first half, with key metrics showing year-to-date growth, DL News reported.
The company said that compared with the year-earlier period, it saw a twofold increase in crypto spot trading volumes, a 500% expansion of crypto derivatives trading, and a 360% surge in lending volumes. Specific first-half profit figures were not disclosed.