Swiss banking giant ZKB launches Bitcoin and Ethereum trading and custody services

Zurich Cantonal Bank, a leading Swiss bank, is the latest financial institution to enter the European cryptocurrency market. It was revealed Bitcoin (BTC) and Ethereum (ETH) trading services on September 4, 2024.

Swiss Banking Giant Offers Cryptocurrency Services

In a press release issued today, the bank said customers will now have access to 24/7 cryptocurrency trading and custody services through its existing digital platforms, including ZKB eBanking and ZKB Mobile Banking.

Zurich Cantonal Bank, Switzerland’s fourth-largest bank with $235 billion in assets under management, has also partnered with Crypto Finance AG, a subsidiary of Deutsche Börse Group. The partnership will allow the bank’s clients to execute digital asset transactions using Bitcoin and Ethereum, the press release stated.

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Commenting on the development, Alexandra Scriba, Head of Institutional Clients and Multinationals at Zurich Cantonal Bank, said:

The newly launched service in the cryptocurrency sector offers a high level of security and allows for the integration of additional currencies and applications. When it comes to cryptocurrencies, Cantonal Bank Zurich takes on the important function of safekeeping private keys. Therefore, customers and third-party banks do not need their own wallets and do not have to worry about storing their own private keys. Cantonal Bank Zurich handles both.

According to the press release, Cantonal Bank Zurich’s latest cryptocurrency product is not limited to its customers. The bank offers a business-to-business (B2B) solution that allows other Swiss-based banks to offer cryptocurrency trading and custody services to their customers. Swiss cantonal bank Thurgauer Cantonal Bank is already utilizing this service.

It is worth noting that this is not the bank’s first exposure to digital assets. In 2021, the institution issued the world’s first digital bond on the SIX Digital Exchange.

Europe Continues to Embrace Bitcoin and Ethereum

Europe’s history with cryptocurrencies like Ethereum and Bitcoin has been somewhat complicated. Strict privacy laws and a lack of a standard regulatory framework for digital assets have generally kept companies from entering the emerging industry in Europe.

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For example, Binance, the world’s largest cryptocurrency exchange by reported trading volume, Face it Several regulatory hurdles in Europe. In 2023, Binance decided to cancel its registration with the UK Financial Conduct Authority (FCA) and also ceased operations in the Netherlands.

However, as cryptocurrency acceptance grows worldwide, approval With the U.S. Securities and Exchange Commission (SEC)’s approval of a Bitcoin exchange-traded fund (ETF), countries and international organizations are becoming more comfortable embracing the digital asset economy.

USDC Issuer Circle July 2024 Put in a bag The company has obtained Europe’s first stablecoin license in France, allowing it to operate as a compliant entity under the European Union’s cryptocurrency regulations. At the time of writing, the total cryptocurrency market cap was $1.975 trillion.