Zurich Cantonal Bank (ZKB) has launched Bitcoin and Ethereum trading via ZKB eBanking and mobile banking. The bank has partnered with Crypto Finance AG and uses Fireblocks for secure storage. The service is only available to Swiss residents who have signed the necessary agreements.
Switzerland’s fourth-largest bank, the Zurich Cantonal Bank, locally known as Zürich Cantonal Bank (ZKB), has taken a major step into the cryptocurrency sphere by launching trading services for Bitcoin (BTC) and Ethereum (ETH).
The development, announced Sept. 4, marks a significant milestone in the mainstream adoption of digital currencies by traditional financial institutions.
ZKB partners with Crypto Finance AG and Fireblocks
ZKB's new service allows retail customers to trade and store Bitcoin (BTC) and Ether (ETH) directly through its digital platforms, ZKB eBanking and ZKB Mobile Banking. The integration gives customers a seamless experience that allows them to manage their cryptocurrency holdings alongside their traditional investments, without the need for a separate wallet.
To ensure a secure and regulated environment for these transactions, ZKB has partnered with Crypto Finance AG, a subsidiary of Deutsche Börse Group.
Crypto Finance AG’s technology is licensed by both FINMA and BaFin and will support ZKB’s trading operations, ensuring compliance and security.
ZKB has also developed its own cryptocurrency storage solution, with Fireblocks playing a key role in safeguarding digital assets.
This strategic move puts ZKB at the forefront of the cryptocurrency revolution, providing a centralized platform for trading and storage, eliminating the need for clients to manage their own private keys.
According to Aleksandra Skriva, head of institutional clients at ZKB, the bank’s approach offers a high level of security and may also integrate other digital currencies and applications in the future.
Currently, cryptocurrency trading services are only available to customers residing in Switzerland, and to activate their account, customers must sign an agreement regarding trading, securities, and a “Consent Declaration Disclosure.”
This cautious approach reflects ZKB’s commitment to maintaining robust security standards while expanding access to digital currency.
ZKB's entry into the cryptocurrency market highlights a broader trend within the banking sector where financial institutions are increasingly embracing digital assets. Competitors such as PostFinance are also exploring cryptocurrency services, highlighting the growing acceptance of digital currencies in traditional finance and paving the way for more integrated and accessible cryptocurrency solutions.
