Zürcher Kantonalbank (ZKB), the fourth largest bank in Switzerland, I started presenting ZKB offers its clients Bitcoin and cryptocurrency trading and custody services. With over $290 billion in assets under management, ZKB serves individual, corporate and institutional clients.
Urgent: Launch of the $290 billion Zurich Cantonal Bank #Bitcoin And encrypted offers. pic.twitter.com/ILUTSHWn8V
— Bitcoin Magazine (@BitcoinMagazine) September 4, 2024
ZKB Bank now allows customers to trade and store bitcoin and cryptocurrencies through its mobile app, online banking, and traditional channels. The bank has also partnered with Deutsche Börse-owned Crypto Finance AG to provide brokerage services and developed its own custody solution.
The move reflects the country’s openness to Bitcoin, and cements ZKB’s position as one of the largest mainstream financial institutions embracing Bitcoin. Switzerland has taken a relatively positive stance on Bitcoin and cryptocurrencies, including the Swiss National Bank, which revealed it owns shares in MicroStrategy.
The launch comes as more major financial players embrace bitcoin and cryptocurrency offerings amid rising legitimacy for bitcoin. In the US, the successful emergence of bitcoin exchange-traded funds has accelerated institutional adoption. ZKB’s move could put pressure on other Swiss and European banks to offer bitcoin services.
Banks around the world, such as Hong Kong’s Futu Bank and Standard Chartered’s Mox Bank, have also recently launched bitcoin trading and exchange-traded funds. This growing trend shows that traditional finance is increasingly embracing bitcoin.
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