The fourth-largest bank in Switzerland, Zürcher Kantonalbank (ZKB), has begun offering retail customers the ability to buy, sell and hold the two most popular cryptocurrencies: bitcoin {{BTC}} and Ethereum {{ETH}}.
Thanks to a collaboration with Deutsche Börse-owned digital assets broker Crypto Finance, customers of the cantonal bank will have access to BTC and ETH through ZKB’s existing Mobile App, eBanking, and other established channels, the companies said in a press release Wednesday.
Switzerland is ahead of the curve when it comes to digital assets, with many financial institutes offering customers ability to trade crypto in the country. ZKB is also no stranger to crypto innovation, as the bank was involved in the issuance of the world's first digital bond on Switzerland's SIX Digital Exchange (SDX) back in 2021.
“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, in a statement.
ZKB’s new service allows other Swiss banks to offer customers the trading and custody of cryptocurrencies, with Thurgauer Kantonalbank being the first partner bank to use the service.
Watch: Breaking Down the Crypto Scene in Switzerland