Zurich Cantonal Bank enters crypto services. ZKB offers trading and storage of crypto. Third party banks can use ZKB's crypto services.
Zurich Cantonal Bank, Switzerland's fourth-largest bank, is offering clients the opportunity to trade and store Bitcoin and Ethereum.
The offering is seamlessly integrated into its existing channels, including ZKB eBanking and ZKB Mobile Banking, so clients can now trade crypto 24 hours a day, the bank said. News release.
“”Our newly launched offering in the field of cryptocurrencies provides a higher level of security and enables the integration of more currencies and applications,” said Alexandra Scriba, Head of Institutional Clients & Multinationals at ZKB.
Customers don't need their own wallets and don't have to worry about storing their own private keys, ZKB performs both functions, she added.
ZKB's service can also be used by third-party banks, as Thurgauer Kantonalbank has already released.
ZKB has partnered with Crypto Finance AG, a subsidiary of Deutsche Börse Group, to handle crypto trading.
The bank has been working on blockchain technology for some time. In 2021, ZKB participated in the issuance of the world's first digital bond on the SIX digital exchange, and in 2023, as joint lead manager, the Swiss National Bank managed the issue of digital bonds with digital central bank money as part of a pilot. project.
ZKB is not the only Swiss bank developing digital technologies and moving into crypto.
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In July, Sygnum, a Swiss global crypto banking group with approximately $4.5 billion in client assets, reported that it had reached profitability after a strong first half, with key figures showing year-to-date growth. News reported.
Compared to the previous year, the company said it saw a doubling of crypto spot trading volumes, a 500% expansion in crypto derivatives trading and a 360% increase in lending volumes. Specific first-half profit figures were not disclosed.
