Zürcher Kantonalbank (ZKB) has partnered with wealth management platform Avaloq and digital asset operations firm Fireblocks to launch a digital asset platform.
The cloud-based platform will address the demand for trading and custody of digital assets at the Zurich-based bank.
The scalable platform aims to help ZKB manage risk, improve costs and comply with regulatory requirements.
The technology will integrate with ZKB’s existing banking systems and digital channels, allowing clients to trade and manage both traditional and digital assets.
Avaloq said that the move would result in ZKB experiencing a shorter time to market for new services.
ZKB is the largest bank owned by the Swiss government and the fourth largest bank in Switzerland, with assets of over 150 billion Swiss francs.
“This innovative offering bridges the gap between decentralised and traditional finance, providing our clients with secure access to trading and custody of digital assets,” said Michael Rausch, project lead digital assets at Zürcher Kantonalbank. “We are looking forward to further collaboration in which we continue to rely on Avaloq’s proven integration and innovation capabilities.”
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