Zurich Cantonal Bank (ZKB), one of Switzerland’s largest banks, has made a significant move into the cryptocurrency space by launching 24/7 Bitcoin and Ethereum trading for its customers. This new service, announced on September 4, 2024, allows ZKB’s clients to trade and securely store Bitcoin and Ether through the bank’s eBanking and mobile platforms. This integration provides a seamless experience, where customers can manage their crypto assets alongside traditional investments without needing separate wallets.
To ensure security, ZKB partnered with Crypto Finance AG, a subsidiary of the Deutsche Börse Group, and uses Fireblocks for secure custody of digital assets. The bank takes responsibility for storing private keys, reducing the complexity for users who may not want to handle their own crypto security. This service is initially available to Swiss residents, but ZKB also offers a business-to-business solution that allows other banks to provide similar crypto services to their customers.
This launch reflects a growing trend of traditional financial institutions adopting cryptocurrencies, positioning ZKB as a leader in digital asset services among Swiss banks. The move is seen as a response to increasing demand from both retail and institutional clients for access to the crypto market through trusted and regulated channels. Other Swiss banks, such as PostFinance, have also begun exploring similar offerings.
With total assets exceeding $235 billion, ZKB’s entry into the crypto market highlights the growing acceptance and integration of digital currencies within the mainstream banking industry. This step is expected to encourage further adoption of cryptocurrencies in Switzerland and potentially influence other European financial institutions to follow suit.