Bitcoin and Ethereum Trading And Custody Services Rolled Out By Swiss Banking Giant ZKB
September 04 2024 - 12:00PM
NEWSBTC
Leading Swiss bank Zurich Cantonal Bank is the latest financial
entity to enter the crypto waters in Europe, as it unveiled Bitcoin
(BTC) and Ethereum (ETH) trading services on September 4, 2024.
Swiss Banking Juggernaut To Offer Crypto Services In its press
release published today, the bank said its customers can avail 24/7
cryptocurrency trading and custody services via its existing
digital platforms such as ZKB eBanking and ZKB Mobile Banking. The
fourth-largest Swiss bank with total assets under management worth
$235 billion, Zurich Cantonal Bank has also joined forces with
Crypto Finance AG, a subsidiary of the Deutsche Börse Group. The
partnership will enable the bank’s customers to execute digital
assets trades, in Bitcoin and Ethereum, the press release notes.
Related Reading: 21Shares Parent Firm Becomes Switzerland’s Crypto
Giant As Gets Valued At $2B Commenting on the development,
Alexandra Scriba, Head of Institutional Clients &
Multinationals at Zurich Cantonal Bank said: Our newly launched
offering in the area of cryptocurrencies offers a high level of
security and allows the integration of additional currencies and
applications. When it comes to cryptocurrencies, the Zurich
Cantonal Bank assumes the critical function of the safe custody of
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. The Zurich Cantonal Bank takes care of
both. The press release notes that Zurich Cantonal Bank’s latest
crypto offering isn’t just limited to its customers. The bank
offers business-to-business (B2B) solutions that allow other
Switzerland-based banks to provide their customers with crypto
trading and custody services. Swiss cantonal bank, Thurgauer
Kantonalbank is already leveraging this service. It’s worth noting
that this isn’t the bank’s first exposure to digital assets, as in
2021, the institution was involved in issuing the world’s first
digital bond on the SIX Digital Exchange. Europe Continues To
Embrace Bitcoin and Ethereum Europe’s history with cryptocurrencies
such as Ethereum and Bitcoin has been rather convoluted. Due to its
strict privacy laws and lack of a standard regulatory framework for
digital assets, businesses have typically steered clear of entering
the emerging industry in Europe. Related Reading: EU Watchdog
Considers Crypto Integration Into $12.88 Trillion Investment Market
For instance, Binance, the world’s largest cryptocurrency exchange
by reported trading volume, has faced several regulatory hurdles in
Europe. In 2023, Binance not only decided to cancel its
registration with the UK Financial Conduct Authority (FCA), but
also shuttered its operations in the Netherlands. However, with the
increasing acceptance of cryptocurrencies worldwide – propelled by
the approval of Bitcoin exchange-traded-funds (ETFs) by the US
Securities and Exchange Commission (SEC) – countries and
international unions are feeling more comfortable adopting the
digital assets economy. In July 2024, USDC issuer Circle bagged
Europe’s first stablecoin license in France, enabling the firm to
operate as a compliant entity under the European Union’s crypto
regulations. The total crypto market cap stood at $1.975 trillion
at press time. Featured Image from Unsplash.com, Chart from
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