According to the official announcement on September 4, Zurich Cantonal Bank began offering trading and custody services for Bitcoin and Ether. “The offering is seamlessly integrated into existing channels and is aimed at both customers and third-party banks,” the bank said.

Zurich Cantonal Bank, known locally as Zürcher Kantonalbank (ZKB), is the largest cantonal bank and the fourth largest bank in Switzerland, with total assets stated at 200 billion Swiss francs ($235 billion).

According to the statement, ZKB customers will be able to trade cryptocurrencies directly via ZKB eBanking or ZKB Mobile Banking platforms 24/7. “Cryptocurrency assets will be integrated into the existing portfolio landscape,” the bank added.

“Our newly launched cryptocurrency offering offers a high level of security and allows the integration of other currencies and applications,” said Alexandra Scriba, ZKB’s head of institutional clients. Scriba added:

“In the case of cryptocurrencies, ZKB takes care of the critical function of storing private keys securely. Customers and third-party banks will not need their own wallets and will not have to worry about storing their own private keys. ZKB takes care of both functions.”

ZKB stated that its newly launched crypto custody and trading solution is available for both individuals and third-party banks.

Zürcher Kantonalbank’s business-to-business (B2B) solution gives Swiss banks the opportunity to offer trading and safe custody of BTC and ETH. Thurgauer Kantonalbank – a Swiss cantonal bank serving the canton of Thurgau – has become the first partner bank to use ZKB’s B2B service, according to the statement.

Orders are processed through Crypto Finance AG, a subsidiary of the German multinational company Deutsche Börse Group.

ZKB was founded in 1870 as the “Zürich citizens’ bank”. The bank has been involved in researching the blockchain and cryptocurrency industry for some time, participating in the issuance of the world’s first digital bond on SIX Digital Exchange in 2021.

In 2023, ZKB co-managed the issuance of digital bonds with central bank digital money as part of a pilot project of the Swiss National Bank. According to local cryptocurrency entrepreneur and investor Jakob Bosshard, ZKB was expected to launch its crypto services at least two months ago.

Previously, other banks in Switzerland were Zuger Kantonalbank, St. Galler Kantonalbank AG and Luzerner Kantonalbank have successfully introduced cryptocurrency services, Bosshard noted in a post in early July.