Luzerner and Zürcher Kantonalbank Lead Swiss Banks in Offering Crypto Trading and Custody
Luzerner Kantonalbank AG (LUKB) and Zürcher Kantonalbank (ZKB), two major Swiss banks, have entered the cryptocurrency market by offering crypto trading and custody services. LUKB began with Bitcoin and Ethereum, expanding to Polygon, Chainlink, and USD Coin, with plans to support further wallet integration. ZKB will integrate crypto services into their existing eBanking platforms, partnering with Crypto Finance AG, and also offering these services to third-party banks like Thurgauer Kantonalbank. Both banks ensure secure storage of digital assets, with LUKB utilizing an ISAE 3000-certified platform. LUKB has teamed up with FireBlocks and Sygnum to reinforce their crypto framework, reflecting a trend of traditional banks embracing blockchain technology.
Bullish
The integration of cryptocurrency services by Luzerner and Zürcher Kantonalbank marks a significant step towards mainstream acceptance of digital assets. This move could incentivize other traditional financial institutions to follow suit, promoting wider adoption of cryptocurrencies. By providing secure and regulated platforms, these banks may increase trust in crypto investments, potentially boosting market sentiment and encouraging more investments in related assets. Historically, similar actions by large banks have led to increased market activity and positive price movements.