Key Takeaways
- Zürcher Kantonalbank introduces Bitcoin trading and custody.
- ZKB manages Bitcoin private keys, eliminating the need for wallets.
- Thurgauer Kantonalbank is the first to partner in ZKB’s Bitcoin service.
Zürcher Kantonalbank (ZKB) has launched a new service that allows customers to trade and securely store Bitcoin, starting on September 4, 2024.
The service is available through ZKB’s eBanking and Mobile Banking platforms, where Bitcoin holdings are seamlessly integrated into customers’ existing portfolios. Trading is available 24/7.
Extension to Swiss banks
ZKB’s Bitcoin custody service also extends to third-party Swiss banks.
Thurgauer Kantonalbank is the first to use this offering, which allows other banks to provide Bitcoin trading and custody solutions for their clients. Transactions are executed via Crypto Finance AG, a subsidiary of Deutsche Börse Group.
Alexandra Scriba, Head of Institutional Clients & Multinationals at ZKB, said:
Our newly launched offer in the area of cryptocurrencies offers a high level of security and allows the integration of additional currencies and applications.
For now, trading is conducted exclusively in US dollars, and customers cannot transfer Bitcoin in or out of the bank or use it for payments. The offering is limited to execution-only transactions, with no advisory services available.
U.S. persons and non-Swiss residents are excluded from participation.
