Switzerland's Fourth Largest Bank ZKB Launches Bitcoin Trading
Zürcher Kantonalbank (ZKB), Switzerland's fourth-largest bank, has begun offering its clients Bitcoin and crypto trading and custody services. With over $290 billion in assets under management, ZKB provides services to retail, corporate, and institutional clients.
JUST IN: $290 billion Zurich Cantonal Bank launches #Bitcoin and crypto offerings. pic.twitter.com/ILUTSHWn8V
Bitcoin Magazine (@BitcoinMagazine) September 4, 2024
ZKB now allows clients to trade and hold Bitcoin and crypto through its mobile app, online banking, and traditional channels. The bank partnered with Deutsche Börse-owned Crypto Finance AG for brokerage services and 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 Bank, revealing it held shares in MicroStrategy.
The launch comes as more major financial players adopt Bitcoin and crypto offerings amid Bitcoin's surge in legitimacy. In the U.S., the successful debut of Bitcoin ETFs has accelerated institutional adoption. ZKB's move may pressure other Swiss and European banks to provide Bitcoin services.
Banks worldwide, such as Hong Kong's Futu and Standard Chartered's Mox, have also recently launched Bitcoin and Bitcoin ETFs trading. This growing trend shows that traditional finance is increasingly embracing Bitcoin.
Read more: https://bitcoinmagazine.com/business/switzerlands-fourth-largest-bank-zkb-launches-bitcoin-trading
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