Zurich Cantonal Bank (ZKB), Switzerland’s largest cantonal bank, has launched Bitcoin and Ethereum trading for retail customers and third-party banks through its app and eBanking platform.
To support this new offering, ZKB partnered with Crypto Finance, a firm licensed by Switzerland’s FINMA and Germany’s BaFin. The bank has also developed its own crypto custody system, integrating Fireblocks for added security and efficiency.
Zurich Cantonal Bank, owned by the Canton of Zurich, is one of Switzerland’s top four banks and was ranked the second safest bank globally in 2023, backed by AAA ratings from Fitch, Moody’s, and S&P. While Switzerland is known for its crypto-friendly stance, entering this space requires navigating strict regulations set by FINMA, which oversees the industry with licenses such as the Fintech license, a Banking License, and a DLT Trading Facility License for digital securities.
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Zurich Cantonal Bank is not the first major Swiss bank to offer crypto services. Earlier this year, PostFinance teamed up with Sygnum Bank to provide similar offerings. The Swiss blockchain sector is also experiencing rapid growth, with the top 50 blockchain companies in Switzerland and Liechtenstein reaching a combined valuation of $373.45 million, a sharp rise from $85 million at the end of last year.
Switzerland now hosts 1,244 blockchain and crypto firms, with Zug’s “Crypto Valley” leading the way with 512 companies, followed by Zurich with 289. The country is also exploring various blockchain applications, from digital currency exchanges and asset tokenization to custodial services and decentralized finance (DeFi) platforms.
