As a seasoned crypto investor with roots tracing back to the early days of Bitcoin, I find myself increasingly impressed and encouraged by the steady progression of mainstream financial institutions like Zürcher Kantonalbank (ZKB) embracing digital assets. Having navigated through the rollercoaster ride that is the crypto market, witnessing firsthand the skepticism and reluctance from traditional finance, it’s heartening to see such a significant player in Switzerland’s financial landscape extending its services to Bitcoin and Ethereum trading.
One of Switzerland’s significant financial organizations, Zurich Cantonal Bank, known for managing approximately $290 billion in assets, now enables its customers to trade, store, and secure Bitcoin and Ethereum using their current mobile app, online banking platform, and additional services
ZKB’s choice to adopt cryptocurrencies follows Switzerland’s overall favorable view on digital currencies. It has been disclosed that the Swiss National Bank, the nation’s central bank, holds indirect investments in MicroStrategy, a company known as the largest corporate owner of Bitcoin with approximately 226,500 BTC stored in its reserves
UPDATE: The Swiss National Bank holds an indirect connection to Bitcoin via MicroStrategy (MSTR), owning around 500 Bitcoins. The Central Bank of Norway owns approximately 1,400 Bitcoins, as anticipated in our previous predictions
— sunnydecree (@sunnydecree) August 14, 2024
As per the announcement, ZKB unveiled their latest service on September 4, which is primarily designed for retail clients and third-party banks. This collaboration was made with Crypto Finance, a FINMA-regulated institution specializing in institutional trading, custody, and staking of digital assets, and also part of the Deutsche Börse Group. Stijn Vander Straeten, CEO of Deutsche Börse, highlighted this move as a significant step towards the increasing adoption of cryptocurrencies in Switzerland
As an analyst, I found myself reflecting on the significant move made by St.Galler Kantonalbank (SGKB), a Swiss institution that has been shaping finance since its establishment in 1868, last year. They unveiled their foray into cryptocurrency trading services, initiating operations with Bitcoin and Ether. This strategic decision stemmed from a partnership with SEBA, a pioneering bank focusing on digital assets, to offer SGKB’s clients cutting-edge solutions in digital asset custody and brokerage
ZKB’s action follows a week where cryptocurrency investment products experienced approximately $300 million in withdrawals due to “robust economic data” released in the U.S., which emerged during a time when pessimistic feelings were prevalent among multiple providers and geographic areas
Based on the latest Digital Asset Fund Flows report from CoinShares, cryptocurrency investment products experienced withdrawals totaling $305 million during the last week. This trend was likely influenced by robust economic data emerging from the U.S., which reduced the probability of a 0.5% interest rate reduction
During the last week, investment products linked to Bitcoin experienced withdrawals worth approximately $319 million, whereas those taking a short position on Bitcoin recorded inflows amounting to about $4.4 million – the highest such inflow since March
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2024-09-05 05:56