Zürcher Kantonalbank (ZKB), the largest state-owned bank in Switzerland with assets worth 200 billion Swiss francs, is approaching a significant milestone. The bank is preparing to launch trading services for the two main cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). These digital assets are already listed in the bank’s mobile application under the trading section, indicating an imminent expansion of services.
ZKB’s move follows the trend set by other cantonal banks. In October 2023, the Cantonal Bank of Zug became the first Swiss state bank to offer direct access to six different cryptocurrencies. This launch was well received by customers and quickly inspired other institutions to follow suit. The Cantonal Bank of St. Gallen and the Cantonal Bank of Lucerne were among the first to introduce similar services, making their debuts in the cryptoasset sector shortly after.
Jan Damrau, Head of the Corporate Management Department at the Cantonal Bank of Zug, mentioned the collaboration between these institutions. He expressed his belief that more institutions will join in the future, stating that not all cantonal banks may offer cryptocurrency investments in five years, but they won’t be the only ones investing in digital assets alongside LUKB and SGKB.
According to informed sources, around ten state banks are on the verge of launching their own crypto products, significantly expanding the engagement of Swiss cantonal banks in the crypto sector. This growing interest reflects the increasing adoption of cryptocurrencies among traditional financial institutions as they strive to meet the evolving demands of their customers.
The official launch date of ZKB’s crypto services remains a suspense. While the bank has kept this information confidential, discussions with sector representatives suggest that the institution is getting closer to completing its entry into this dynamic market.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.