- Zurich Cantonal Bank (ZKB), one of the largest banks in Switzerland with $235 billion in total assets, now allows its customers to trade and store Bitcoin and Ether 24/7.
- ZKB takes on the responsibility of securely storing the private keys for its customers’ cryptocurrencies, eliminating the need for customers to manage their own wallets.
- ZKB’s crypto custody and trading solution is available not only to individuals but also to third-party banks, with Thurgauer Kantonalbank being the first partner bank to utilize the service.
Zurich Cantonal Bank (ZKB), one of the largest banks in Switzerland, has begun offering trading and custody services for Bitcoin and Ether. This allows customers to easily buy, sell, and store cryptocurrencies alongside their other investments.
ZKB Takes Responsibility for Storing Crypto Keys
According to an announcement, ZKB will securely store the private keys for customers’ crypto holdings. Customers do not need to set up their own crypto wallets.
“When it comes to cryptocurrencies, ZKB takes on the critical function of securely storing the private keys,” said Alexandra Scriba, ZKB’s head of institutional clients. “Customers and third-party banks therefore do not need their own wallet and therefore do not have to worry about storing their own private keys. ZKB takes care of both.”
Service Available to Third-Party Banks
ZKB’s new crypto services are offered through both retail banking for individuals and as a business-to-business solution for other banks.
The first bank to use ZKB’s business solution is Thurgauer Kantonalbank. Trades are executed through Crypto Finance AG.
ZKB’s History in Crypto
ZKB was founded in 1870 as the bank for the citizens of Zurich. In recent years, the bank has been exploring blockchain and crypto:
- In 2021, ZKB participated in issuing the world’s first digital bond on the SIX Digital Exchange.
- In 2022, ZKB helped issue digital bonds using a Swiss central bank digital currency pilot.
ZKB is the latest Swiss bank to offer crypto services, following other cantonal banks earlier this year. The launch comes at least two months later than initially expected.
