As a long-time crypto investor and a fan of innovative financial services, I find Zurich Cantonal Bank’s entry into the crypto market to be both exciting and reassuring. With its partnership with Crypto Finance AG, the bank demonstrates a commitment to security and compliance that is essential for any institution dealing with digital assets. The ability to trade and store Bitcoin (BTC) and Ethereum (ETH) within the existing platforms like ZKB eBanking and ZKB Mobile Banking is particularly appealing to me, as it eliminates the need for clients to manage their own wallets or private keys.
The Swiss bank, number four in the country, known as Zurich Cantonal Bank, has unveiled a new service for cryptocurrency trading and safekeeping, broadening its range of financial solutions
In simple and easy-to-understand language: The Zürcher Cantonal Bank, one of Switzerland’s largest banks, has now formally entered the cryptocurrency market. This move allows the bank’s clients the opportunity to trade and store Bitcoin (BTC) and Ethereum (ETH)
In the September 4th press release, the bank announced that the new offering has been integrated into its existing digital platforms such as ZKB eBanking and ZKB Mobile Banking. The bank has partnered with Crypto Finance AG, a subsidiary of Deutsche Börse Group, to execute crypto trades. According to the press release, this partnership will allow clients to easily trade cryptocurrencies within their existing banking applications, enhancing their digital asset management capabilities
According to Alexandra Scriba, who is in charge of institutional clients and multinational accounts at ZKB, customers won’t require personal digital wallets and won’t need to concern themselves with securing private keys because the bank will manage these tasks for them instead
ZKB’s foray into the cryptocurrency world extends beyond its own customer base, as the bank also provides a business-to-business solution that lets other Swiss banks offer crypto trading and custody services. As stated in the press release, Thurgauer Kantonalbank, a Swiss cantonal bank, is the first to adopt this service among partner banks
The recent action signifies ZKB’s ongoing push to delve deeper into the cryptocurrency sector, having spent the past few years immersing themselves in blockchain technology. This involvement is evident through their participation in the release of the world’s first digital bond on the SIX Digital Exchange back in 2021 and their role as a joint lead manager in a Swiss National Bank pilot project for digital bond issuance using central bank digital currency, which was conducted in 2023
ZKB’s move is part of a growing trend among Swiss financial institutions to expand their cryptocurrency offerings. In late June, the Zurich-based crypto-friendly bank Sygnum broadened its business-to-business services to more than 20 entities, such as PostFinance, ZugerKB, and LuzernerKB. This expansion enables a substantial portion of the Swiss populace to participate in the crypto market
Read More
Sorry. No data so far.
2024-09-04 15:46