Switzerland’s fourth-largest bank, Zürcher Kantonalbank (ZKB), has introduced trading and secure storage for major digital assets including Bitcoin and Ethereum, according to a September 4 report. announcement.
According to the bank, its customers can now trade BTC and ETH 24 hours a day via the existing ZKB eBanking or ZKB Mobile Banking. It added that this was facilitated by its partnership with .
Alexandra Scriba, Head of Institutional Clients & Multinationals at ZKB, pointed out that the company’s crypto trading service offers a high level of security and allows the integration of other currencies and applications.
Scriba added:
“When it comes to cryptocurrencies, Zürcher Kantonalbank fulfills the crucial function of safely storing the private keys. Customers and external banks therefore do not need their own wallet and do not have to worry about storing their own private keys. Zürcher Kantonalbank arranges both.”
Meanwhile, the bank also offers a business-to-business solution that allows other Swiss banks to offer crypto trading and custody services. Thurgauer Kantonalbank is the first partner bank to adopt this service.
TradFi’s Rising Crypto Adoption
The launch of ZKB’s new crypto trading services reflects a broader trend of major financial institutions adopting Bitcoin and other crypto offerings.
On September 3, Cantor Fitzgerald CEO Howard Lutnick pointed out Bitcoin’s potential to become a crucial asset in the financial sector. He stated:
“Cantor will help Tradfi fully capture Bitcoin. Tradfi wants new asset classes, and BTC is here to stay.”
The industry is already seeing that the successful rollout of Bitcoin and Ethereum Exchange Traded Funds (ETFs) in the US has fueled institutional interest in the sector. Bitwise CIO Matt Hougan noted that institutional adoption of the products, especially the Bitcoin ETFs, was happening at an unprecedented pace.
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Liam ‘Akiba’ Wright
Liam, also known as ‘Akiba’, is a reporter, editor and podcast producer at CryptoSlate. He believes decentralized technology has the potential to bring about widespread positive change.