Zurich Cantonal Bank Launches Cryptocurrency Custody and Trading Services | Bitcoin and Ethereum Supported

Switzerland's largest state-owned bank, Zurich Cantonal Bank (ZKB), has announced the launch of cryptocurrency trading and custody services for individual customers.

ZKB, one of the top four banks in Switzerland with total assets exceeding 200 billion Swiss francs, is widely known as Zürcher Kantonalbank (ZKB) in the region.

The bank is introducing cryptocurrency-related services through a partnership with Crypto Finance, a subsidiary of the German stock exchange. ZKB's clients will be able to trade cryptocurrencies directly 24/7 via its existing mobile app and e-banking services.

The service allows trading and custody of two cryptocurrencies: Bitcoin (BTC) and Ethereum (ETH). Reports suggest that the offering will be available to both individual customers and third-party banks.

This move could pave the way for other Swiss banks to offer cryptocurrency custody and trading services to their clients. In fact, Thurgau Cantonal Bank has already been named as the first partner bank to utilize ZKB's new service.

Cryptocurrencies held in ZKB accounts will be integrated into the existing portfolio view, allowing customers to manage their digital assets alongside traditional financial products.

ZKB will securely store the private keys needed to manage cryptocurrencies, meaning that neither customers nor third-party banks will need to set up their own wallets or handle private key management.

Zurich Cantonal Bank has been actively engaged in cryptocurrency and blockchain initiatives for some time. In 2021, the bank participated in the world's first issuance of a digital bond on the Swiss SIX Digital Exchange (SDX).

The expansion of cryptocurrency services in Swiss banking continues to gain momentum. In July of this year, Swiss state-owned financial institution PostFinance announced new support for five additional cryptocurrencies: AVAX, ADA, DOT, XRP, and SOL.