Zuger Kantonalbank partners with Sygnum, a global digital assets banking group, in order to further expand its token offering with Cardano (ADA) and Avalanche (AVAX).
New tokens latest addition to regulated offering including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP and other protocols
As noted in the recent update from Sygnum, cryptocurrency / digital assets trades are to be “executed using Zuger Kantonalbank’s e-banking or mobile app.”
Expanded offering in response to increased customer “demand driven by growing US and EU regulatory clarity and newly established US Strategic Bitcoin Reserve.”
Zuger Kantonalbank was reportedly the “first” Swiss cantonal bank “to offer a secure, regulated cryptocurrency offering in 2023.”
Client assets are reportedly secured by Sygnum’s institutional-grade custody platform featuring “multi-layer security, software and hardware controls, governance and external audits.”
In addition to Cardano (ADA) and Avalanche (AVAX), Zuger Kantonalbank’s crypto offering includes Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP (XRP), Polygon (POL), Litecoin (LTC) and Uniswap (UNI).
Sygnum’s fiat-digital asset gateway enables Zuger Kantonalbank customers to conveniently “leverage their fiat balances to buy and trade cryptocurrencies via Zuger Kantonalbank’s e-banking and mobile banking app.”
Sygnum’s B2B platform provides access to “a range FINMA-regulated banking products and services from one entry point.”
Sygnum’s 20+ network of banks and international financial institutions now provide access “to regulated cryptocurrencies for more than a third of the Swiss population.”
Crypto assets are secured in Sygnum’s institutional-grade custody platform which features a multi-layer security framework “integrating software and hardware controls, governance and external audits.”
Client assets are held off-balance sheet and bankruptcy remote, “mitigating counterparty risk towards Sygnum.”
Zuger Kantonalbank’s expanded offering is in response to “increased customer demand for its mobile-friendly crypto trading service launched in 2023.”
The timing also aligns with growing regulatory clarity and adoption in Europe with the new Market in Crypto Assets Regulation (MiCA), and “with the newly established Strategic Bitcoin Reserve in the US.”
Jan Damrau, Head of Corporate Management and Member of the Zuger Kantonalbank Executive Board, says:
“The addition of Cardano and Avalanche to our growing cryptocurrency offering enables our clients to further develop their crypto portfolios conveniently with their principal bank – at a time when digital assets are approaching a global inflection point in terms of adoption. We are proud to continue our partnership with Sygnum to expand our customer offering and deliver our future roadmap.”
Fritz Jost, Sygnum Bank Chief B2B Officer, adds:
“The latest expansion of Zuger Kantonalbank’s token universe illustrates the strong demand for additional tokens with diverse use-cases to complement major protocols like Bitcoin and Ethereum. We are committed to empowering more banks and financial institutions to build, launch and continually expand regulated crypto asset services under their own brand – backed at all times by the peace of mind given by Sygnum’s bank-grade security.”
Zuger Kantonalbank founded in 1892 is one of the financial institutions in the economic region of Zug.
It is a public limited company under “special law listed on the Swiss stock exchange.”
The canton of Zug is the majority shareholder, “holding slightly over half of the shares, while the remainder are spread among approximately 11’000 private shareholders.”
With a total of 14 branches throughout the canton of Zug and “around 580 employees, Zuger Kantonalbank offers the entire range of universal bank services.”
As of 31 December 2024, Zuger Kantonalbank had “total assets of around CHF 19 billion.”
Sygnum is a global digital asset banking group, founded on Swiss and Singapore heritage.
They empower professional and institutional investors, banks, corporates and DLT foundations “to invest in digital assets with complete trust.”
Their team enables this through their “institutional-grade security, expert personal service and portfolio of regulated digital asset banking, asset management, tokenization and B2B services.”
In Switzerland, Sygnum holds a banking license and “has CMS and Major Payment Institution licenses in Singapore.”
The group is also regulated in the “established global financial hubs of Abu Dhabi and Luxembourg and is registered in Liechtenstein.”