Zürcher Kantonalbank Prepares to Include Bitcoin and Ethereum in Its Service Offering

Zürcher Kantonalbank (ZKB), Switzerland’s largest state-owned banking institution with assets valued at 200 billion Swiss francs, is approaching a major milestone.

ZKB is about to launch trading services for the main cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), as noted in the bank’s mobile application, where these cryptos are already listed in the trading section as the only “digital assets” . Although not yet available for transactions, the inclusion of these assets suggests an imminent expansion of services.

ZKB’s movement follows the trend observed in other cantonal institutions. In October 2023, Cantonal Bank of Zug became a pioneer among Swiss state banks by offering direct access to six different cryptocurrencies, a launch that was well received by customers, according to an interview with CVJ.CH by ZugerKB. With such significant success, it didn’t take long for other institutions to follow suit. Cantonal Bank of St. Gallen and Cantonal Bank of Lucerne were quick to introduce similar services, marking their debuts in the cryptoasset sector in subsequent moments.

Jan Damrau, Head of the Corporate Management Department at Cantonal Bank of Zug, commented on the collaboration between the institutions: “As on other topics, the cantonal banks maintain loose contact with each other. I am convinced that other institutions will join. I don’t want to speculate on when and in what form these offerings will hit the market. In five years, perhaps not all cantonal banks will be offering cryptocurrency investments, but we certainly won’t be the only ones investing in digital assets alongside LUKB and SGKB.”

Informed sources suggest that around ten state banks are on the verge of launching their own crypto products, significantly expanding Swiss cantonal banks’ engagement with the crypto sector. The growing interest is a clear indication that cryptocurrency adoption is becoming a more widespread practice among traditional financial institutions as they seek to meet the evolving demands and desires of their customers.

The biggest suspense still revolves around the official launch date of ZKB’s crypto services. Although the bank has kept the information confidential, discussions with sector representatives reinforce the idea that the institution is increasingly closer to completing its entry into this dynamic market.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.