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Breaking News: Tether Faces Downgrade By S&P Global Amid Concerns Over Disclosure And Assets Holdings

Bitcoin and Ethereum Trading And Custody Services Rolled Out By Swiss Banking Giant ZKB

Ash Tiwari
Ash Tiwari
Last Updated: September 4, 2024 4:00 pm
3 mins read
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Leading Swiss bank Zurich Cantonal Bank is the latest financial entity to enter the crypto waters in Europe, as 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 such as ZKB eBanking and ZKB Mobile Banking.

The fourth-largest Swiss bank with total assets under management worth $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 development, Alexandra Scriba, Head of Institutional Clients & Multinationals at Zurich Cantonal Bank said:

Our newly launched offering in the area of cryptocurrencies offers a high level of security and allows the integration of additional currencies and applications. When it comes to cryptocurrencies, the Zurich Cantonal Bank assumes the critical function of the safe custody of private keys. Customers and third-party banks therefore do not need their own wallet and therefore do not have to worry about storing their own private keys. The Zurich Cantonal Bank takes care of both.

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 provide their customers with crypto trading and custody services. Swiss cantonal bank, Thurgauer Kantonalbank is already leveraging this service.

It’s worth 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 such as Ethereum and Bitcoin has been rather convoluted. Due to its strict privacy laws and lack of a standard regulatory framework for digital assets, businesses have typically steered clear of entering the emerging industry in Europe.

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For instance, 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 also shuttered its operations in the Netherlands.

However, 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 total 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
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Ash Tiwari
Ash Tiwari

Ash Tiwari

Ash is a dedicated crypto researcher and blockchain enthusiast with a passion for diving deep into the evolving world of decentralized technologies. With a background in writing and a natural curiosity for how digital assets are shaping the future, he has immersed himself in various sectors of the cryptocurrency space, including decentralized finance (DeFi), NFTs, and liquidity mining. His journey into crypto started with a desire to fully understand the technology behind it, leading him to explore and engage with these systems firsthand.

Read more

Ash’s approach to DeFi goes beyond surface-level research as he actively participates in decentralized protocols, testing their functionality to gain a deeper understanding of how they operate. From experimenting with staking mechanisms to exploring liquidity mining strategies, he is hands-on in his exploration, which allows him to provide practical, real-world insights that go far beyond theoretical knowledge. This immersive experience has helped him develop a comprehensive grasp of smart contracts, token governance, and the broader implications of decentralized platforms on the future of finance.

In the NFT space, Ash’s interest is driven by the technology’s potential to reshape ownership and creativity in the digital age. He has explored various NFT projects, gaining insights into how these digital assets function within different ecosystems. His focus is on understanding the evolving relationship between creators and communities, as well as the innovative uses of blockchain technology to establish authenticity and provenance in the digital world. Ash’s research in this area often touches on the intersection of culture, technology, and community-driven projects.

A key area of his expertise lies in liquidity mining, where he has engaged with various decentralized platforms to understand how liquidity provision contributes to the functionality and security of DeFi ecosystems. Ash’s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution.

When it comes to communicating these complex topics, Ash’s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights.

Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. His research spans areas like cross-chain technologies, decentralized governance, and blockchain’s potential to integrate with traditional finance. He is continuously learning and adapting to the latest developments, ensuring that his insights are both timely and relevant. His interest extends to how these technologies are creating new possibilities for decentralization, transparency, and trust in a variety of industries.

Ash’s commitment to engaging with the crypto space firsthand gives him a unique perspective that goes beyond what can be learned from research alone. His practical involvement allows him to stay ahead of the curve, offering readers and enthusiasts a clear and comprehensive understanding of the rapidly evolving world of blockchain. Whether delving into the technical mechanics of DeFi or exploring the cultural impact of NFTs, Ash’s approach is always rooted in curiosity, research, and a desire to make this technology accessible to all.

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Reason to trust

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