Zurich Cantonal Bank Joins the Crypto Party 🎉
Zurich Cantonal Bank (ZKB), Switzerland’s fourth-largest bank, is getting in on the crypto action. Starting September 4th, 2024, ZKB customers can trade Bitcoin (BTC) and Ethereum (ETH) directly through the bank’s online and mobile platforms.
Crypto Custody: Safe and Secure
ZKB is also offering crypto custody services, which means they’ll securely store your private keys. This ensures your crypto assets are protected from theft or loss.
- Secure Storage: ZKB uses a combination of hot and cold storage methods to keep your crypto safe.
- Regulatory Compliance: Crypto custody helps institutional investors meet regulatory requirements, making it easier for them to get involved with crypto.
ZKB’s Partnership with Crypto Finance AG
To make all this happen, ZKB has partnered with Crypto Finance AG, a subsidiary of Deutsche Börse Group. Crypto Finance AG will handle the crypto trading, while ZKB takes care of the secure storage.
The Bigger Picture
ZKB’s move is part of a broader trend in Switzerland, where financial institutions are increasingly embracing cryptocurrencies and blockchain technology.
Here are some other recent developments:
- Sygnum Bank has expanded its crypto services to over 20 entities, including PostFinance, ZugerKB, and LuzernerKB, making crypto markets accessible to a wider audience.
- The XRP Ledger is adding smart contract functionality and an EVM sidechain. Learn more about XRP Ledger
ZKB’s B2B Offering
ZKB’s entry into the crypto space isn’t just about its own clients. They’re also offering a business-to-business (B2B) solution that allows other Swiss banks to provide crypto trading and custody services. Thurgauer Kantonalbank is the first bank to take advantage of this offering.
The Future of Crypto Custody
The crypto custody market is booming as more institutional investors jump into the digital asset space. The demand for secure and regulated custody solutions is expected to continue growing.
