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News Zurich Cantonal Bank Now Supports Crypto Trading Services 1 min - Around 2 mins mins to read

Key Points:

Zurich Cantonal Bank has launched cryptocurrency services, allowing retail clients to trade and store crypto through its digital platforms.

The bank has partnered with Crypto Finance AG for crypto trades and developed its own custody solution.

Zurich Cantonal Bank, or ZKB, which ranks as Switzerland’s fourth-largest bank, has formally entered into the cryptocurrency market. It does this through services that allow retail customers to trade and store both Bitcoin and Ethereum.

Read more: Salvadoran Bitcoin Payment Continues to Promote at Starbucks

Zurich Cantonal Bank Enters Cryptocurrency Market

The bank revealed this on September 4 and integrated it into its digital platforms: ZKB eBanking and ZKB Mobile Banking.

It will manage the crypto trades with the involvement of Crypto Finance AG, a subsidiary of Deutsche Börse Group. That means it uses the technology of FINMA– and BaFIN-licensed firm Crypto Finance to guarantee a regulated and secure environment for cryptocurrency transactions. ZKB developed its own crypto custody solution, while Fireblocks has become its close partner in attempts to safely store digital assets.

Swiss Bank Launches Crypto Services for Retail Clients

The move by Zurich Cantonal Bank forms one of the most significant steps to greater mainstream cryptocurrency access to retail customers. For the first time, clients can trade Bitcoin and Ether directly via the bank’s digital channels without the need for a separate cryptocurrency wallet. The bank itself will hold all key data about the customer’s holdings and related security data, creating a more centralized and secure point of entry for new users in the asset class.

In any case, it currently offers the service only to clients who are resident in Switzerland. In order to turn on an account with the company, the clients have to sign agreements for trading and for securities, as well as a “Consent Declaration Disclosure.”

If this makes Zurich Cantonal Bank one of the few Swiss banks to make the leap, others, like PostFinance, have already made forays into offering crypto services. Its entry into the market underlines a wider acceptance of digital currencies within traditional banking institutions. The development in this way reflects the global trend of the increasing adoption of digital currencies by mainstream financial platforms.

Bitcoin crypto Crypto Finance AG Ethereum ZKB Zurich Cantonal Bank

Author Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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Zurich Cantonal Bank Now Supports Crypto Trading Services