Major Swiss Bank, Zürcher Kantonalbank (ZKB) Launches Crypto Trading Services

Zürcher Kantonalbank (ZKB) unveiled its cryptocurrency service for retail clients and third-party banks. The bank has partnered with Crypto Finance, a Deutsche Börse-owned digital asset firm licensed by Switzerland’s FINMA and Germany’s BaFIN, for crypto asset brokerage. ZKB has developed its own crypto custody solution, with Fireblocks as a partner.

ZKB is one of Switzerland’s four major banks and the largest cantonal bank, with total assets of 200 billion Swiss francs ($235 billion). ZKB is owned by the canton of Zurich and was ranked as the world’s second safest bank for 2023 by Global Finance, based on AAA ratings from Fitch, Moody’s, and S&P, as well as total assets.

According to an official announcement on Sept. 4, ZKB is now providing trading and custody services for Bitcoin and Ether. The bank stated, “The offer is seamlessly integrated into the existing channels and is aimed equally at customers and third-party banks.” ZKB customers can now trade Bitcoin and Ether through the bank’s mobile app, eBanking, and other channels.

Peter Hubli, Head of Digital Asset Solutions at Zürcher Kantonalbank, commented, “With Crypto Finance, we have an experienced, regulated, and competent partner at our side with long lasting industry expertise, mastering the facets of the crypto business."

While Switzerland is known for its supportive stance on crypto, with some wealth managers offering crypto services for years, retail offerings are newer. Earlier this year, PostFinance became the first of Switzerland’s big four banks to offer cryptocurrency services through a partnership with Sygnum Bank. In 2021, BBVA Switzerland was one of the first banks globally to launch digital asset services without net worth requirements.