Today, September 4, Switzerland’s fourth-largest bank, Zürcher Kantonalbank, announced the launch of its mobile-friendly Bitcoin (BTC) and Ethereum (ETH) service for retail customers.
Zürcher Kantonalbank (ZKB) Launches Bitcoin and Ethereum Trading Service For Retail Customers
Zürcher Kantonalbank (ZKB), well-known as the second safest bank in the world, announced in an X post today that it has launched a mobile-friendly crypto service for retail customers and third-party banks.
Henceforth, buying, selling, and storing of Bitcoin (BTC) and Ethereum (ETH) is now open to interested customers on the banking platforms – ZKB Mobile Banking and ZKB eBanking, according to Zürcher Kantonalbank.
The bank emphasized that only BTC and ETH are available for trading and storing at the moment.
The bank’s head of corporate clients, Alexandra Scriba, assured customers of the safety and security of their assets and private keys. He emphasized that the new service “offers a high level of security” because an institutional-grade security system backs it.
Zürcher Kantonalbank is the largest cantonal bank in Switzerland, one of the four major banks in the country, and the second safest bank in the world, according to Global Finance magazine. Zürcher Kantonalbank is owned by the canton of Zurich.
ZKB Partnered With Crypto Finance And Sygnum To Launch The Service
To successfully launch the crypto trading service, Zürcher Kantonalbank partnered with Crypto Finance, a licensed digital asset company, and Sygnum. Crypto Finance has been licensed by Switzerland’s FINMA and Germany’s BaFIN to carry out crypto-related services.
According to Peter Hubli, ZKB’s head of digital asset solutions, the collaboration with Crypto Finance will enable Zürcher Kantonalbank to benefit from the regulation and experience necessary to facilitate cryptocurrency brokerage.
ZKB will be using Sygnum’s modular, API-powered fiat-digital asset platform to facilitate the buying and trading of crypto assets on the bank’s mobile banking and e-banking platforms.
Zürcher Kantonalbank also added that it has also built its cryptocurrency custody solution in partnership with Fireblocks. Fireblocks will ensure the safety and security of assets.
Zürcher Kantonalbank Digital Asset Race
The launch of this cryptocurrency service makes Zürcher Kantonalbank the second bank in Switzerland to offer crypto-related services to retail clients. PostFinance is the first bank in Switzerland to provide retail crypto services.
More so, the move shows Switzerland’s openness to Bitcoin and cryptocurrency as a whole. Considering the shares that Switzerland’s central bank, Swiss National Bank, holds in MicroStrategy, it’s evident that the country has a positive stance on cryptocurrency.
