Zürcher Kantonalbank (ZKB), the fourth largest bank in Switzerland, has begun to offer Its clients offer bitcoin and cryptocurrency custody and trading services. With over $290 billion in assets under management, ZKB serves retail, corporate and institutional clients.
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BREAKING NEWS: Cantonal Bank of Zurich launches for $290 billion twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin and cryptocurrency offers. image.twitter.com/ILUTSHWn8V
— bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1831295803249275119?ref_src=twsrc%5Etfw”>September 4, 2024
ZKB now allows clients to trade and hold bitcoin and cryptocurrencies via its mobile app, online banking and traditional channels. The bank has 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 cements ZKB as one of the most important financial institutions to have embraced bitcoin. Switzerland has taken a relatively positive stance on bitcoin and cryptocurrencies, including the Swiss National Bank, which revealed it held shares in MicroStrategy.
The launch comes at a time when more major financial players are embracing bitcoin and cryptocurrency offerings amid rising bitcoin legitimacy. In the US, the successful debut of bitcoin ETFs has 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 trading and bitcoin ETFs. This growing trend shows that traditional finance is increasingly embracing bitcoin.
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