Today, Zürcher Kantonalbank (ZKB), one of Switzerland’s largest banks, introduced a new cryptocurrency service for its retail clients and third-party banks.
In collaboration with Crypto Finance, a Deutsche Börse-owned digital asset company, ZKB will facilitate crypto asset brokerage. Crypto Finance holds licenses from Switzerland’s FINMA and Germany’s BaFIN, ensuring a regulated and secure platform for trading.
ZKB has also developed its own crypto custody solution, with Fireblocks as a partner to enhance security. This move makes ZKB the second of Switzerland’s four major banks to offer retail cryptocurrency services, following PostFinance, which partnered with Sygnum Bank earlier this year.
ZKB customers can now trade Bitcoin and Ether via the bank’s mobile banking app, eBanking, and other channels.
“With Crypto Finance, we have an experienced, regulated, and competent partner at our side with long-lasting industry expertise, mastering the facets of the crypto business,” said Peter Hubli, Head of Digital Asset Solutions at ZKB.
Switzerland is known for its supportive regulatory environment for cryptocurrencies, and ZKB’s entry into the retail crypto market marks a significant step towards mainstream adoption.
While some wealth managers in Switzerland have offered crypto services for years, the expansion to retail clients by one of the country’s major banks highlights the growing acceptance and integration of digital assets into traditional finance.
