Key Points
- Zurich Cantonal Bank (ZBK) is now offering Bitcoin and Ethereum trading through its mobile app.
- This move could potentially trigger other banks to offer similar services, accelerating crypto adoption.
Zurich Cantonal Bank (ZBK), Switzerland’s fourth-largest bank, has recently introduced cryptocurrency offerings. They are now offering trading services for Bitcoin (BTC) and Ethereum (ETH) via their mobile application.
According to the bank’s statement, users can trade these cryptocurrencies 24/7 using the app. The bank stated, “We enable you to buy and sell Bitcoin and Ethereum and store your security-relevant access data.”
Partnership with Crypto Finance AG
ZBK has reportedly collaborated with Deutsche Börse-owned Crypto Finance AG for brokerage services. Additionally, they have developed their own custody solution to secure users’ crypto assets.
The recent approval of Spot BTC and ETH ETFs (exchange-traded funds) in the United States has increased the interest of traditional finance players in these leading digital assets. ZBK’s decision reflects Switzerland’s positive stance towards BTC and ETH, positioning the bank as a preferred choice for crypto users in the country.
Switzerland: A Crypto Hub
Switzerland’s favourable regulations have made it one of the top crypto hubs in Europe. For instance, the Swiss National Bank reportedly holds MicroStrategy shares, indirectly exposing it to BTC. According to Swiss BTC analyst and investor Sunny Decree, the Swiss National Bank held about 500 BTC as of June.
This favourable regulatory stance and increased BTC exposure could motivate other banks to offer crypto services in Switzerland and across Europe. This could potentially lead to an institutional FOMO, driving widespread adoption of cryptocurrencies.
