On Sept. 4, Zurich Cantonal Bank (ZKB) announced it is now offering trading and custody services for Bitcoin and Ether. The new service is integrated into the bank’s existing platforms and is available to both customers and third-party banks.
ZKB, the largest cantonal bank and the fourth-largest bank in Switzerland, manages assets totaling 200 billion Swiss francs ($235 billion). The bank’s clients can now trade cryptocurrencies around the clock through ZKB’s eBanking or Mobile Banking platforms. Crypto holdings will also be visible alongside other assets in their portfolio view.
Zurich Cantonal Bank Provides Secure Custody for Crypto
Alexandra Scriba, ZKB’s head of institutional clients, emphasized the security of the bank’s crypto services. ZKB will securely store customers’ private keys, eliminating the need for individuals or third-party banks to manage their own wallets. Scriba highlighted that this service offers a high level of security and can integrate more cryptocurrencies in the future.
Zurich Cantonal Bank will manage crypto custody following strict security and risk management guidelines, adhering to ISAE3000 and ISAE3402 standards, which are reviewed by an external auditor. The bank’s solution is available for individuals and third-party banks alike.
Zurich Cantonal Bank is offering a business-to-business (B2B) solution, allowing Swiss banks to provide their customers with crypto trading and storage for Bitcoin and Ether. Thurgauer Kantonalbank, a bank in the canton of Thurgau, is the first to partner with ZKB for this service. Crypto Finance AG, a subsidiary of Deutsche Börse Group, will handle the trading orders.
ZKB’s History in the Blockchain Industry
Founded in 1870, ZKB has been involved in the blockchain space for some time. The bank participated in issuing the world’s first digital bond on the SIX Digital Exchange in 2021. In 2023, ZKB also worked on a project involving the issuance of digital bonds using central bank digital currency (CBDC) with the Swiss National Bank.
Local cryptocurrency entrepreneur Jakob Bosshard noted that ZKB’s crypto services were expected to launch a couple of months earlier. Other Swiss banks, such as Zuger Kantonalbank, St. Galler Kantonalbank AG, and Luzerner Kantonalbank, had already introduced similar cryptocurrency services.
