Today Zürcher Kantonalbank (ZKB) launched a cryptocurrency service for its retail clients and third party banks. For crypto asset brokerage it partnered with Crypto Finance, the Deutsche Börse owned digital asset company with licenses from Switzerland’s FINMA and Germany’s BaFIN. The bank said it developed its own crypto custody solution, although Fireblocks is a partner.
ZKB is one of Switzerland’s four major banks and the largest cantonal bank, owned by the canton of Zurich. Global Finance ranked it as the second safest bank in the world for 2023, based on AAA ratings by Fitch, Moody’s and S&P, combined with total assets.
ZKB customers can now trade Bitcoin and Ether via the bank’s mobile banking app, eBanking and other channels.
“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,” said Peter Hubli, Head of Digital Asset Solutions at ZKB.
Switzerland has a reputation as a supportive jurisdiction for crypto, and some wealth managers have offered crypto services for years. However, retail offerings are a different matter. Amongst Switzerland’s big four banks, PostFinance was the first to offer cryptocurrency services through a partnership with Sygnum Bank earlier this year.
In 2021 BBVA Switzerland was one of the first banks in the world to launch digital asset services without net worth requirements.
