Zurich Cantonal Bank Now Offers Bitcoin (BTC) and Ethereum (ETH) Trading to Its Customers

Zurich Cantonal Bank, also known as Zürcher Kantonalbank (ZKB), just launched Bitcoin (BTC) and Ethereum (ETH) trading. This expands the fourth largest bank of Switzerland’s trading portfolio to cryptocurrencies, in addition to traditional securities.

Switzerland’s fourth largest bank, Zurich Cantonal Bank, has unveiled a new service that will allow its customers to trade Bitcoin (BTC) and Ethereum (ETH) cryptocurrencies.

The service, which is being offered through the bank's e-banking and mobile banking app, will be available to customers 24/7.

Customers will be able to place orders for BTC and ETH quickly and easily, and the bank will also take custody of their crypto assets.

To ensure the security of customer crypto assets, access will be protected by security-relevant access data.

Customers will also be able to monitor their crypto holdings at any time using their compatible devices for ensuring transparency.

However, there are some limitations to the ZKB crypto trading feature.

For example, the service is only available to customers with permanent residence in Switzerland and US nationals are not able to participate.

Additionally, customers must have a ZKB securities account with a valid ZKB execution-only contract and have signed the “agreement to trade and custody cryptocurrencies.”

Furthermore, cryptocurrency purchases will always be made in USD and if the transaction is made in Swiss Francs or any other currency, it will be converted to USD.

Moreover, transferring Bitcoin, Ether, or other crypto to the bank is not possible. It also does not allow the bank to deliver crypto.

Finally, the digital assets cannot be used for payment purchases, and the bank does not provide staking services for them.

About Zurich Cantonal Bank

Zurich Cantonal Bank (ZKB) is one of the largest cantonal banks in Switzerland, with a history that dates back to 1870.

The bank has over 6,000 employees and total assets of CHF 201 billion.

In 2023, ZKB reported a group profit of CHF 1.238 billion and a profit distribution of CHF 528 million.

The bank's return on equity (ROE) stood at 9.3%, while net equity was valued at CHF 14.3 billion.

ZKB's adoption of BTC and ETH is a significant development, both for the bank and the cryptocurrency industry.