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Cryptocurrency News Articles
Zürcher Kantonalbank, a Swiss Bank Managing Over $290B in Assets, Now Offers Bitcoin and Ethereum Trading Services
Sep 05, 2024 at 10:50 am
ZKB's decision to embrace crypto aligns with Switzerland's generally positive stance on digital assets.
Major Swiss bank begins offering retail crypto services, aligning with country’s positive stance on digital assets
One of Switzerland’s largest financial institutions has begun offering its retail clients the ability to trade, hold, and custody Bitcoin (BTC) and Ethereum (ETH).
Zürcher Kantonalbank (ZKB), which manages over $290 billion in assets, announced the launch of its new crypto services on September 4. The services will be available to the bank’s retail clients and third-party banks via the bank’s existing mobile app, ebanking, and other channels.
ZKB’s entry into the crypto market aligns with Switzerland’s generally positive stance on digital assets. The country’s central bank, the Swiss National Bank (SNB), was revealed to have indirect exposure to MicroStrategy last year.
BREAKING: The Swiss Central Bank has indirect Bitcoin exposure through MicroStrategy ($MSTR), with approximately 500 BTC. The Central Bank of Norway around 1,400 BTC. Just as predicted…
According to an announcement from ZKB, the bank’s new crypto offering is "intended primarily for retail clients and 3rd party banks." It was launched in partnership with Crypto Finance, a FINMA-regulated provider of institutional trading, custody, and staking for digital assets and part of the Deutsche Börse Group.
Stijn Vander Straeten, CEO of Crypto Finance, said that ZKB’s move is a “further important milestone for the broad acceptance of crypto in Switzerland.”
Last year, St.Galler Kantonalbank (SGKB), a Swiss bank established in 1868, announced the introduction of cryptocurrency trading services, starting with Bitcoin and Ether. The move came as a result of a collaboration with SEBA, a bank specializing in cryptocurrencies, to provide their clientele with digital asset custody and brokerage services.
Meanwhile, cryptocurrency investment products saw over $300 million of outflows last week, according to the latest Digital Asset Fund Flows report by CoinShares.
The outflows were driven by “stronger-than-expected economic data” in the United States, which reduced the expectations for a 50-basis point interest rate cut by the Federal Reserve.
The report also highlighted a widespread “negative sentiment towards digital asset investment products” across various providers and regions.
Cryptocurrency investment products saw $305 million of outflows last week, driven by the strong economic data coming out of the U.S. that diminished the likelihood of a 50-basis point interest rate cut.
Investment products offering exposure to the flagship cryptocurrency Bitcoin saw outflows of $319 million over the past week, while products shorting BTC saw inflows of $4.4 million, the largest figure since March.
Coin Telegraph, CoinShares’ Latest Report Shows Crypto Investment Products Saw $300 Million of Outflows in Past Week, September 4, 2023
Coin Telegraph, Major Swiss Bank Launches Retail Crypto Services, September 4, 2023
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