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Leading Swiss bank Zurich Cantonal Bank is the newest financial entity to enter the crypto waters in Europe, because it unveiled Bitcoin (BTC) and Ethereum (ETH) trading services on September 4, 2024.
Swiss Banking Juggernaut To Offer Crypto Services
In its press release published today, the bank said its customers can avail 24/7 cryptocurrency trading and custody services via its existing digital platforms similar to ZKB eBanking and ZKB Mobile Banking.
The fourth-largest Swiss bank with total assets under management price $235 billion, Zurich Cantonal Bank has also joined forces with Crypto Finance AG, a subsidiary of the Deutsche Börse Group. The partnership will enable the bank’s customers to execute digital assets trades, in Bitcoin and Ethereum, the press release notes.
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Commenting on the event, Alexandra Scriba, Head of Institutional Clients & Multinationals at Zurich Cantonal Bank said:
Our newly launched offering in the world of cryptocurrencies offers a high level of security and allows the mixing of additional currencies and applications. On the subject of cryptocurrencies, the Zurich Cantonal Bank assumes the critical function of the secure custody of personal keys. Customers and third-party banks due to this fact don’t need their very own wallet and due to this fact should not have to fret about storing their very own private keys. The Zurich Cantonal Bank takes care of each.
The press release notes that Zurich Cantonal Bank’s latest crypto offering isn’t just limited to its customers. The bank offers business-to-business (B2B) solutions that allow other Switzerland-based banks to offer their customers with crypto trading and custody services. Swiss cantonal bank, Thurgauer Kantonalbank is already leveraging this service.
It’s price noting that this isn’t the bank’s first exposure to digital assets, as in 2021, the institution was involved in issuing the world’s first digital bond on the SIX Digital Exchange.
Europe Continues To Embrace Bitcoin and Ethereum
Europe’s history with cryptocurrencies similar to Ethereum and Bitcoin has been slightly convoluted. Because of its strict privacy laws and lack of a typical regulatory framework for digital assets, businesses have typically steered clear of entering the emerging industry in Europe.
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As an example, Binance, the world’s largest cryptocurrency exchange by reported trading volume, has faced several regulatory hurdles in Europe. In 2023, Binance not only decided to cancel its registration with the UK Financial Conduct Authority (FCA), but additionally shuttered its operations within the Netherlands.
Nonetheless, with the increasing acceptance of cryptocurrencies worldwide – propelled by the approval of Bitcoin exchange-traded-funds (ETFs) by the US Securities and Exchange Commission (SEC) – countries and international unions are feeling more comfortable adopting the digital assets economy.
In July 2024, USDC issuer Circle bagged Europe’s first stablecoin license in France, enabling the firm to operate as a compliant entity under the European Union’s crypto regulations. The full crypto market cap stood at $1.975 trillion at press time.
Total crypto market cap stands at $1.975 trillion | Source: CRYPTOCAPUSD at TradingView.com
Featured Image from Unsplash.com, Chart from TradingView.com