Zürcher Kantonalbank Embraces Crypto 🚀
One of Switzerland’s largest financial institutions, Zürcher Kantonalbank, managing over $290 billion in assets, now offers clients the ability to trade, hold, and custody Bitcoin and Ethereum through its mobile app and other channels.
Switzerland’s Positive Stance on Crypto 🇨🇭
ZKB’s move aligns with Switzerland’s generally positive stance on digital assets, with even the Swiss National Bank having indirect exposure to Bitcoin through companies like MicroStrategy, which holds a substantial amount of BTC.
The Swiss Central Bank has been revealed to have indirect Bitcoin exposure through MicroStrategy, with approximately 500 BTC. The Central Bank of Norway holds around 1,400 BTC.
ZKB’s Collaboration with Crypto Finance 💼
- ZKB’s new offering was launched on September 4.
- The offering is intended primarily for retail clients and 3rd party banks.
- The move came in partnership with Crypto Finance, a FINMA-regulated provider of institutional trading, custody, and staking for digital assets.
- Crypto Finance is part of the Deutsche Börse Group.
Swiss Banks Embrace Crypto 💰
In 2023, St.Galler Kantonalbank (SGKB) announced the introduction of cryptocurrency trading services in collaboration with SEBA, marking a significant move towards crypto adoption.
Outflows in Crypto Investment Products 💸
Cryptocurrency investment products experienced over $300 million in outflows last week due to stronger-than-expected economic data in the US, leading to negative sentiment among investors and providers.
According to CoinShares’ Digital Asset Fund Flows report, cryptocurrency investment products saw $305 million of outflows driven by strong economic data in the US that reduced the likelihood of an interest rate cut.
- Bitcoin investment products saw outflows of $319 million, while products shorting BTC saw inflows of $4.4 million.
- This marked the largest inflow figure since March.
Hot Take: Moving Towards Mainstream Crypto Adoption 🔥
Zürcher Kantonalbank’s decision to offer Bitcoin and Ethereum trading, custody, and exchange services through its mobile app is a significant step towards mainstream crypto adoption.
Switzerland’s positive stance on digital assets, coupled with ZKB’s collaboration with Crypto Finance, signals a growing acceptance of cryptocurrencies in the traditional banking sector.
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