Key facts:
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ZKB is the largest cantonal bank in Switzerland, with more than USD 200 billion in assets.
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The bank’s clients will be able to trade Bitcoin and ETH through its mobile app.
Zürcher Kantonalbank, Switzerland’s fourth-largest bank with over $200 billion in assets, has launched bitcoin (BTC) and ether (ETH) trading and custody services in collaboration with Crypto Finance. This partnership allows the financial institution’s clients to trade these digital currencies through the bank’s mobile app.
The ZKB, which is in turn the largest cantonal bank in Switzerland, unites thus to the ecosystem of bitcoin through the provision of trading and custody services.
This is a significant initiative, given the crucial role that the institution plays. It is important to remember that a cantonal bank is a financial institution that operates under the supervision of a specific canton, equivalent to what a state would be in other federal countries.
These banks are fundamental to the Swiss economy, offering services not only to individuals but also to businesses and local government, so play a crucial role in financial stability and economic development of their regions.
Peter Hubli, Head of Digital Asset Solutions at ZKB, highlighted that the new integrated digital asset solution “establishes a solid platform for participation in the sector.”
“With Crypto Finance, we have an experienced, regulated and competent partner, with vast industry experience that is proficient in the business aspects of cryptocurrencies,” Hubli said.
Crypto Finance, the platform associated with this service is a well-known firm in the sector of cryptocurrenciesdue to its experience and regulation in both Switzerland and Germany.
Stijn Vander Straeten, CEO of Crypto Finance, underlined the importance of the collaboration by mentioning that they support “the largest Kantonalbank in Switzerland” at the launch of its digital asset offering“This represents a crucial milestone for the widespread acceptance of cryptocurrencies in Switzerland,” he added.
Switzerland stands out for its advanced adoption of bitcoin and cryptocurrencies. A notable example is Lugano, where tax payment is allowed in bitcoin and USDT, reflecting a favorable policy towards cryptocurrencies. In addition, Lugano has celebrated significant events such as Crown Bitcoin as the “King of Carnival”highlighting the integration of cryptocurrencies into local culture and economy.
Other Swiss financial institutions have also shown interest in the bitcoin ecosystem. For example, a Swiss bank founded in the 19th century integrated a platform for the purchase and sale of bitcoinas reported by CriptoNoticias, evidencing a growing trend among traditional Swiss financial institutions towards the adoption of BTC and cryptocurrencies.
This article was created using artificial intelligence and edited by a human on the editorial staff.
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