Zürcher Kantonalbank (ZKB) Launches Bitcoin Trading and Custody Services

Zürcher Kantonalbank (ZKB), Switzerland's fourth-largest financial institution, has launched Bitcoin trading and custody services for its customers.

Switzerland's fourth-largest financial institution, Zürcher Kantonalbank (ZKB), has now begun offering Bitcoin trading and custody services to its customers.

With assets under management surpassing $290 billion, ZKB caters to retail, corporate, and institutional clients.

ZKB now enables clients to trade and store Bitcoin alongside other digital assets through its mobile application, online banking, and traditional services.

The bank has engaged Crypto Finance AG, a subsidiary of Deutsche Börse, for brokerage assistance and has established its own custody platform in-house.

This development aligns with Switzerland's progressive approach towards Bitcoin, with ZKB emerging as one of the largest traditional banks to offer services for the digital asset.

The Swiss National Bank has also demonstrated openness to Bitcoin, notably holding shares in MicroStrategy, a company heavily invested in Bitcoin.

As Bitcoin gains wider acceptance globally, more major financial institutions are offering services for the asset. In the U.S., Bitcoin ETFs have gained momentum, leading to increased institutional adoption.

ZKB's entry into the Bitcoin and crypto space could inspire other Swiss and European banks to follow suit.

On a global scale, traditional banks such as Hong Kong's Futu and Standard Chartered's Mox have recently launched Bitcoin trading services, indicating a broader trend of traditional finance embracing digital assets.