As a seasoned analyst with over two decades of experience in the financial industry, I’ve witnessed the evolution of banking from the horse-drawn carriage to the digital age. The recent move by Zurich Cantonal Bank to offer Bitcoin and Ethereum trading services is not just another splash in the ocean, but a tsunami signaling the imminent mainstream adoption of cryptocurrencies.
On September 4, 2024, the well-known Swiss bank Zurich Cantonal Bank announced that it would begin offering trading services for Bitcoin (BTC) and Ethereum (ETH), making it the latest European financial institution to delve into the crypto sphere
Swiss Banking Juggernaut To Offer Crypto Services
According to a statement issued today by the bank, their clients now have access to around-the-clock cryptocurrency trading and storage services through their current online banking platforms like ZKB eBanking and ZKB Mobile Banking
In a recent development, one of Switzerland’s four largest banks, Zurich Cantonal Bank (with approximately $235 billion in managed assets), has entered into a collaboration with Crypto Finance AG, a subsidiary of the German Stock Exchange Group (Deutsche Börse). This alliance will empower the bank’s clients to carry out transactions involving digital assets such as Bitcoin and Ethereum. According to a public announcement, this is the key takeaway
In response to the progress being made, Alexandra Scriba, who holds the position of Head of Institutional Clients & Multinationals at Zurich Cantonal Bank, expressed her thoughts
Our recent introduction in the realm of cryptocurrencies ensures robust security, facilitates the addition of extra currencies and applications, and acts as a trusted vault for private keys. In the context of cryptocurrencies, the Zurich Cantonal Bank serves as the essential guardian of private keys. This means that our customers and even external banks no longer require personal wallets, alleviating concerns about self-key storage. The Zurich Cantonal Bank assumes this responsibility on behalf of all
The news release indicates that Zurich Cantonal Bank’s new cryptocurrency offering isn’t exclusive to its own customers. Instead, the bank provides business-to-business (B2B) solutions, enabling other Swiss banks to offer their clients cryptocurrency trading and safekeeping services. One of these Swiss cantonal banks, Thurgauer Kantonalbank, is currently taking advantage of this service
It’s important to mention that the bank has previously dealt with digital assets, having played a role in the issuance of the world’s first digital bond on the SIX Digital Exchange back in 202
Europe Continues To Embrace Bitcoin and Ethereum
Europe’s experience with digital currencies like Ethereum and Bitcoin has been complex due to stringent privacy regulations and a dearth of uniform regulatory guidelines for digital assets. As a result, most companies tend to avoid engaging with the nascent European crypto industry
To put it simply, Binance, known as the global leader in cryptocurrency trading based on reported transactions, has encountered numerous regulatory challenges in Europe. In 2023, instead of proceeding with registration, Binance chose to cease its activities with the UK Financial Conduct Authority (FCA), and also closed down its operations in the Netherlands
With growing global endorsement for cryptocurrencies, particularly following the SEC’s approval of Bitcoin ETFs, nations and international alliances are becoming progressively at ease with embracing the digital economy based on these assets
As an analyst, I’m excited to share that by July 2024, Circle, the USDC issuer, secured Europe’s inaugural stablecoin license in France. This significant milestone allows our firm to function within the European Union’s crypto framework under full regulatory compliance. At this moment, the total market capitalization of cryptocurrencies globally stands at approximately $1.975 trillion
Read More
Sorry. No data so far.
2024-09-04 19:17