Switzerland’s Fourth-Biggest Bank ZKB Introduces Bitcoin and Ethereum Services for Swiss Retail Clients

Arathy Augusthy·Sep 5, 2024·2 min read

Zürcher Kantonalbank (ZKB), Switzerland's fourth-largest bank, now offers retail customers the ability to buy, sell, and hold Bitcoin and Ethereum.
Thurgauer Kantonalbank is the first partner bank to use ZKB's service for trading and custody of cryptocurrencies.

Zürcher Kantonalbank (ZKB), Switzerland’s fourth-largest bank, has launched a new service enabling retail customers to buy, sell, and hold the two most popular cryptocurrencies: Bitcoin (BTC) and Ethereum (ETH). The service is available through ZKB’s existing Mobile App, eBanking, and other established channels, thanks to a collaboration with Deutsche Börse-owned digital assets broker, Crypto Finance.

This move positions ZKB as a leader in Switzerland’s rapidly evolving digital assets landscape. The bank’s new offering not only serves its own retail customers but also allows other Swiss banks to provide cryptocurrency trading and custody services. Thurgauer Kantonalbank is the first partner bank to adopt this service, highlighting the growing demand for crypto access among Swiss financial institutions.

ZKB is managing the custody of crypto assets, ensuring the secure storage of private keys.

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“When it comes to cryptocurrencies, Zürcher Kantonalbank takes on the critical function of securely storing the private keys. 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. Zürcher Kantonalbank takes care of both,” said Alexandra Scriba, head of institutional clients and multinationals at Zürcher Kantonalbank.

Switzerland has long been at the forefront of digital asset innovation, with numerous financial institutions offering cryptocurrency trading services. ZKB’s involvement in the issuance of the world’s first digital bond on Switzerland's SIX Digital Exchange (SDX) back in 2021 further cements its role as a pioneer in the crypto space. The bank’s latest service underscores its commitment to advancing cryptocurrency adoption in the region.

Edited by Harshajit Sarmah