Swiss Bank ZKB Unveils Bitcoin & Ethereum Trading With Crypto Custody Services

Zurich Cantonal Bank (ZKB), one of Switzerland’s largest cantonal banks, has introduced Bitcoin and Ethereum trading services, marking a significant step forward in its offerings. In a press release published on Wednesday, ZKB announced that its customers can now trade cryptocurrencies 24/7 via ”ZKB eBanking” or ”ZKB Mobile Banking.”

ZKB Unveils Crypto Trading and Custody Services

ZKB’s introduction of cryptocurrency trading and custody services has generated excitement among investors, particularly in a bearish market, as it signals potential new capital inflows. Beginning on September 4, ZKB will offer these services, which include the secure storage of digital assets.

Crypto custody services involve the bank securely managing the private keys needed to access and transfer digital assets, which adds an extra layer of security for customers. With this service, customers can now handle their Bitcoin and Ethereum through the bank’s digital platforms, with these two cryptocurrencies being the initial options for trading. Additionally, the bank noted that crypto holdings will be “integrated into the existing custody view,” ensuring that these assets are easily accessible alongside traditional investments.

Alexandra Scriba, Head of Institutional Clients and Multinationals at ZKB, highlighted their new cryptocurrency offerings’ security and seamless integration. She emphasized that the bank will manage the secure custody of private keys, removing the need for customers or third-party banks to handle their wallets and thereby improving the overall user experience.

ZKB’s business-to-business solution will allow other Swiss banks to enhance their crypto trading and custody services. However, the bank specified that this service is not available to U.S. persons.

What’s Next for Bitcoin and Ethereum Prices?

The launch of ZKB’s cryptocurrency trading and custody services is anticipated to draw more traders and investors into the market, potentially providing support to Bitcoin and Ethereum prices amid a broader market correction. Increased participation through ZKB’s platform could raise demand for these cryptocurrencies, possibly stabilizing or even boosting their prices. The overall effect will depend on new inflows’ volume and alignment with the current market sentiment.

Currently, both Bitcoin and Ethereum have experienced declines, with Bitcoin falling to $57,500 and Ethereum to $2,400, as the market continues to face a general downturn.