Zurich Cantonal Bank, Switzerland’s fourth-largest bank, has officially launched Bitcoin and Ethereum trading services. This marks a significant step as the bank now offers its clients the ability to trade the two leading cryptocurrencies alongside traditional securities.
In its announcement, the bank stated that users can ”buy and sell Bitcoin and Ethereum” and securely store access data. With over CHF 150 billion in assets under management, Zurich Cantonal has also integrated cryptocurrency trading into its mobile banking app, making it easier for clients to enter the digital asset market.
2024 has been a pivotal year for cryptocurrency, with Bitcoin and Ethereum seeing significant growth, including becoming the first cryptos to have ETFs approved in the United States. Traditional finance platforms are increasingly embracing digital assets, and Zurich Cantonal’s move is part of this larger trend.
The bank manages customers’ crypto holdings directly, removing the need for separate cryptocurrency wallets. This more centralized approach is designed to attract new users to the asset class, providing additional security measures. However, there are specific conditions: only Swiss residents can trade Bitcoin and Ethereum, and all purchases must be made in U.S. dollars, though users can convert Swiss Francs at the time of transaction.
This development opens the door for broader adoption of cryptocurrencies in Switzerland and beyond.
Featured image from: thecryptonomist.com