Zurich Cantonal Bank (ZKB), the biggest cantonal Swiss bank, on Wednesday announced that it is launching Bitcoin and Ethereum crypto offerings. The banking giant revealed in a press release that its customers can now partake in crypto trading 24×7 directly via ‘ZKB eBanking or ZKB Mobile Banking.’ This announcement has sparked investor enthusiasm amid a bearish market, as it paves the way for new money inflow.
As per an official announcement by the Swiss Bank dated September 4, “As a universal bank, the Zürcher Kantonalbank (Zurich Cantonal Bank) offers its customers all relevant financial services, including the trading and custody of cryptocurrencies.” Starting the abovementioned date, users can trade crypto via ‘ZKB eBanking or ZKB Mobile Banking’ platforms.
The bank added in its release that crypto holdings are “integrated into the existing custody view.” It further revealed that only Bitcoin and Ethereum are available for trading at the moment.
Alexandra Scriba, Head of Institutional Clients & Multinationals at the Zurich Cantonal Bank, stated, “Our newly launched offer in the field of cryptocurrencies offers a high level of security and allows the integration of other currencies and applications. In the case of cryptocurrencies, the Zürcher Kantonalbank assumes the critical function of the secure custody of private keys. Customers and third-party banks therefore do not need their own wallet and therefore do not have to worry about the custody of their own private keys.” The bank takes care of both of the things, offering a seamless user experience while trading crypto.
The business-to-business solution of ZKB also allows third-party Swiss banks to streamline crypto trading and secure custody for users. However, the bank further clarified that U.S. persons are excluded from the offer.
Meanwhile, the offering is expected to bring a surge of traders and investors to the crypto market, providing some support to the prices. Bitcoin and Ethereum prices today traded in the red zone amid a bearish market.
BTC price cracked to the $56K level today against the backdrop of a broader crash. The flagship coin currently rests at $56,551. Ethereum traded at $2,400, tanking nearly 4% in the past 24 hours.
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