Switzerland’s fourth largest bank, ZKB, launches Bitcoin trading

Zürcher Kantonalbank (ZKB), Switzerland’s fourth largest bank, has started offering Bitcoin and crypto trading and custody services to its customers. With over $290 billion in assets under management, ZKB serves retail, corporate and institutional clients.

JUST IN: 🇨🇭Zurich Cantonal Bank launches with $290 billion #Bitcoin and crypto-offers. pic.twitter.com/ILUTSHWn8V

— Bitcoin Magazine (@BitcoinMagazine) September 4, 2024

ZKB now enables customers 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 solidifies ZKB as one of the largest mainstream financial institutions to embrace Bitcoin. Switzerland has taken a relatively positive attitude towards Bitcoin and crypto, including the Swiss National Bank revealing that it owns shares in MicroStrategy.

The launch comes as more major financial players embrace Bitcoin and crypto offerings amid Bitcoin’s growing legitimacy. In the US, the successful debut of Bitcoin ETFs accelerated institutional adoption. ZKB’s move may put pressure on other Swiss and European banks to provide Bitcoin services.

Banks around the world such as Hong Kong’s Futu and Standard Chartered’s Mox have also recently launched Bitcoin and Bitcoin ETF trading. This growing trend shows that traditional finance is increasingly embracing Bitcoin.