There has long been speculation Zürcher Kantonalbank offers trading in cryptocurrencies
Zürcher Kantonalbank is launching a new offering for the trading and safekeeping of cryptocurrencies.
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- Zürcher Kantonalbank has a new offering: customers can now trade and store cryptocurrencies.
- There was previously speculation as to whether Switzerland's largest cantonal bank would launch a cryptocurrency offering.
Now Zürcher Kantonalbank (ZKB) is also entering the cryptocurrency business. ZKB customers can now buy cryptocurrencies and hold them in their accounts.
This is made possible by a cooperation with Crypto Finance AG, a subsidiary of Deutsche Börse Group, as ZKB announced on Wednesday. This enables customers to trade and hold Bitcoin and Ethereum with immediate effect.
This confirms the speculation that emerged in summer 2024 that ZKB, Switzerland's largest cantonal bank, also intends to launch a cryptocurrency offering. For example, the crypto industry portal cvj.ch reported at the end of June on the imminent launch of a corresponding offering. Other cantonal banks such as the Zug, Lucerne and St. Gallen cantonal banks have been offering services for cryptocurrencies for some time now.
Offer also open to third-party banks
ZKB justifies the move by stating that, as a "universal bank", it wants to offer its customers "all relevant financial services". This also includes the trading and custody of cryptocurrencies.
According to ZKB, the offer is also open to third-party banks. The first partner bank, Thurgauer Kantonalbank, has already adopted the solution, as TKB announced in a separate press release.