Major Swiss Bank ZKB Launches Crypto Brokerage Services for Clients

Zurich Cantonal Bank, also known as Zürcher Kantonalbank (ZKB), one of Switzerland’s major banking institutions, has launched cryptocurrency brokerage services for its clients.

According to an official press release from the bank, as of Wednesday, ZKB offers trading and custody services for Bitcoin and Ether. The bank has partnered with Crypto Finance AG, a subsidiary of the Deutsche Börse Group, to facilitate cryptocurrency transactions.

The new services are integrated within ZKB’s banking infrastructure, providing clients seamless access through the bank’s eBanking and mobile banking platforms. Customers can now trade cryptocurrencies at any time, with ZKB stating that these holdings will be reflected in the customer’s overall portfolio view, allowing for streamlined asset management. Alexandra Scriba, head of institutional clients at ZKB, commented, “Our newly launched offering in the area of cryptocurrencies offers a high level of security and allows the integration of other currencies and applications.”

ZKB’s cryptocurrency services are not limited to its direct customers but are also available to third-party financial institutions. The bank has already established a business-to-business (B2B) partnership with Thurgauer Kantonalbank, another cantonal bank in Switzerland, to offer crypto trading and custody solutions to their clients using ZKB’s infrastructure.

To simplify the process for its clients, ZKB will handle the secure storage of private keys for those who use its cryptocurrency services. Scriba explained, “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. ZKB takes care of both.” This arrangement reduces the complexity and risk for clients managing digital assets.

ZKB’s entry into crypto services is part of its ongoing engagement with blockchain technology. The bank had previously participated in issuing the world’s first digital bond on the SIX Digital Exchange in 2021. In 2023, ZKB issued digital bonds using central bank digital currency (CBDC) as part of a pilot project with the Swiss National Bank.

Other Swiss financial institutions, including Zuger Kantonalbank, St. Galler Kantonalbank, and Luzerner Kantonalbank, have also launched similar services, responding to a rising interest in digital finance among customers. A group of Bitcoin advocates in Switzerland recently launched a petition seeking to initiate a referendum to include Bitcoin in the Swiss National Bank’s reserves, indicating a growing interest in cryptocurrency within the country.

Western Europe remains a key region for crypto adoption, with Germany and France showing the most activity. Austria has experienced a notable 70% growth in users, contributing to the increasing traction for digital assets in the region.

Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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