Zurich Kantonalbank (ZKB), Switzerland’s fourth largest bank, has started offering its clients Bitcoin and crypto trading and custody services. With over $290 billion in assets under management, ZKB offers services to retail, corporate and institutional clients.
ZKB now offers customers the ability to trade and hold Bitcoin and crypto via its mobile app, online banking, and traditional channels. The bank has partnered with Deutsche Börse-owned Crypto Finance AG for brokerage services and has developed its own custody solution.
The move reflects the country’s openness to Bitcoin and cements ZKB as one of the largest mainstream financial institutions to embrace Bitcoin. Switzerland has taken a relatively positive stance on Bitcoin and crypto, including the Swiss National Bankand indicated that it owned shares in MicroStrategy.
The launch comes as more major financial players are embracing Bitcoin and crypto offerings as Bitcoin becomes increasingly legitimized. In the U.S., the successful debut of Bitcoin ETFs has accelerated institutional adoption. ZKB’s move could put pressure on other Swiss and European banks to offer Bitcoin services.
Banks worldwide, such as The Future of Hong Kong And Mox from Standard Charteredhave also recently launched Bitcoin and Bitcoin ETFs. This growing trend shows that traditional finance is increasingly embracing Bitcoin.