Major Swiss bank ZKB launches 24/7 Bitcoin and Ethereum trading
Switzerland’s fourth-largest bank, Zürcher Kantonalbank (ZKB), has introduced trading and secure storage for major digital assets, including Bitcoin and Ethereum, according to a Sept. 4 announcement.
According to the bank, its customers can now trade BTC and ETH around the clock through its existing ZKB eBanking or ZKB Mobile Banking. It added that this was facilitated through its partnership with Crypto Finance AG, a subsidiary of Deutsche Börse Group.
Alexandra Scriba, Head of Institutional Clients & Multinationals at ZKB, pointed out that the firm’s crypto trading service offers a high level of security and allows the integration of other currencies and applications.
Scriba added:
“When it comes to cryptocurrencies, Zürcher Kantonalbank takes on the critical function of securely storing the private keys. Customers and third-party banks therefore do not need their own wallet and therefore do not have to worry about storing their own private keys. Zürcher Kantonalbank takes care of both.”
Meanwhile, the bank also offers a business-to-business solution that allows other Swiss banks to provide crypto trading and custody services. Thurgauer Kantonalbank is the first partner bank to adopt this service.
TradFi’s rising crypto adoptionZKB’s new crypto trading services launch reflects a broader trend of major financial institutions adopting Bitcoin and other crypto offerings.
On Sept. 3, Cantor Fitzgerald CEO Howard Lutnick pointed out Bitcoin’s potential to become a pivotal asset in the financial industry. He stated:
“Cantor will help tradfi bring Bitcoin all the way in. Tradfi wants new asset classes, and BTC is here to stay.”
Already, the industry is seeing that in the US, the successful rollout of Bitcoin and Ethereum exchange-traded funds (ETFs) has fueled institutional interest in the sector. Bitwise CIO Matt Hougan noted that the institutional adoption of the products, particularly the Bitcoin ETFs, was occurring at an unprecedented pace.
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