Switzerland's fourth-largest bank, Zurich Cantonal Bank (ZKB), announced on September 4, 2024, that it had embraced cryptocurrency trading. The banking firm announced its new decision via a press release, indicating support for Bitcoin (BTC) and Ethereum (ETH).
“From September 4, 2024, Zurich Cantonal Bank will enable the trading and secure storage of Bitcoin and Ethereum. The offer is seamlessly integrated into the existing channels and aimed equally at customers and third-party banks," the press release read in part.
The Zurich Cantonal Bank Mobile Banking will Enable Users to Access Crypto Trading Options
Contrary to conventional beliefs, ZKB users will enjoy the new trading features via its eBabking or Mobile Banking. Interestingly, the press release noted that it will merge users' assets into a single entity, called the portfolio view. By so doing, it aims to drive transparency, which has become a crucial aspect of crypto trading.
In addition to the tradition of transacting digital assets, ZKB's latest invention will include storage options. The bank understands the importance of a high-security network. It is willing to offer such levels to customers via safe storage options.
Alexandra Scriba, Head of Institutional Clients & Multinationals at Zurich Cantonal Bank, stated, "Our newly launched offering in the area of cryptocurrencies offers a high level of security and allows the integration of other currencies and applications.”
New Trading Options will be Open to Third-Party Banks.
According to the press release, ZKB’s latest Bitcoin and Ethereum trading features will be open to third-party banks. Additionally, interested individuals with little or no ties, with the Swiss bank can enjoy trading and storage options.
ZKB’s latest decision would undoubtedly be a significant win for the crypto world, especially as crypto adoption continues to soar. The Swiss bank boasts significant influence that could attract other banking firms. It is Switzerland's most valuable Cantonal Bank, with about $290 billion in net worth.
