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Bitcoin (BTC) is heading towards new lows as expected and retested $55,000 today. However, there is also good news. The increasing institutional interest in cryptocurrencies has reached a point where banks cannot remain indifferent. In Turkey, Garanti BBVA Bank took the first step, and now one of Switzerland’s largest banks has taken action for two major cryptocurrencies.
Zurich Cantonal Bank and Crypto
For individual customers and third-party banks, Zurich Cantonal Bank has started offering cryptocurrency services as of today. Partnering with a company named Crypto Finance for this job, the bank will provide these services on a legal basis. Crypto Finance is managed by Deutsche Börse, which holds FINMA and Germany’s BaFIN licenses.
ZKB, one of the country’s four major banks, is also the largest cantonal bank in the Zurich region. Moreover, it is a highly reputable institution with a AAA rating from Fitch, Moody’s, and S&P. In fact, in 2023, rating agencies announced it as the second safest bank in the world.
Buying Cryptocurrency from the Bank
As of today, ZKB customers can buy and sell Bitcoin (BTC) and Ethereum (ETH) directly through the mobile banking application. For cautious investors who see centralized cryptocurrency exchanges as less secure, especially after bad examples like FTX, such alternatives will also increase liquidity inflow into the markets.
The bank’s Head of Digital Asset Solutions, Peter Hubli, said:
“With Crypto Finance by our side, we have a long-term industry-experienced, regulated, and competent partner who is familiar with the aspects of the crypto business.”
Although ZKB has taken a big step, it is not the first bank to move in this direction. In 2021, BBVA Switzerland was the first to make a name for itself. Another of the country’s four major banks, PostFinance, offered cryptocurrency services in early 2024 in partnership with Sygnum.
The increasing interest of banks and the entry of such reputable institutions into the crypto business is motivating for all investors.
