- Zurich Cantonal Bank (ZBK) is the latest bank to offer ETH and BTC trading
- Will ZBK’s move prompt rival banks to follow suit and drive accelerated cryptocurrency adoption?
Zurich Cantonal Bank (ZBK), the fourth largest Swiss bank handling $290 billion in assets, is the latest tradeFi (traditional finance) player to offer crypto offerings.
The offer only covers Bitcoin [BTC] And Ethereum [ETH] trading through its mobile app. According to the bank’s latest report statement, users can trade 24/7 via the app.
“We enable you to buy and sell Bitcoin and Ethereum and store your security-relevant access data. Place your orders for cryptocurrencies 24 hours a day via your eBanking or your ZKB Mobile Banking app, quickly and easily.”
The bank reportedly partnered with Crypto Finance AG, owned by Deutsche Börse, for brokerage services and has created a custody solution. This allows it to secure users’ crypto assets.
Swiss TradFi welcomes BTC and ETH
Since the United States’ approval of Spot BTC and ETH ETFs (exchange-traded funds), the two leading digital assets have attracted increased interest from traditional financial players.
ZBK’s move reflects Switzerland’s stance towards BTC and ETH and positions the bank as a top choice for crypto users in the country.
Nevertheless, ZBK’s move, with one of the favorable regulations in the sector, cements Switzerland as one of the top crypto hubs in Europe.
For example, in August it was revealed that the Swiss National Bank owned MicroStrategy shares, hinting at an indirect exposure to BTC. According to Sunny decisiona Swiss BTC analyst and investor, the Swiss National Bank also owned around 500 BTC as of June.
“The Swiss Central Bank has indirect exposure to Bitcoin through MicroStrategy ($MSTR), with approximately 500 BTC.”
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The increasingly favorable regulations attitude and greater exposure to BTC could encourage rival banks to offer crypto offerings in Switzerland and wider Europe. If so, it could create institutional FOMO and drive widespread adoption.