Zuger Kantonalbank Expands Cryptocurrency Offerings

Swiss bank Zuger Kantonalbank has added Cardano (ADA) and Avalanche (AVAX) to its cryptocurrency offerings through a partnership with the crypto-focused bank Sygnum.

In a blog announcement on March 17, Sygnum explained that this expansion responds to “increased customer demand” amid growing regulatory clarity in the U.S. and E.U., as well as the establishment of a U.S. Strategic Bitcoin Reserve. Zuger Kantonalbank’s fiat-to-crypto transactions will be facilitated through Sygnum’s gateway, allowing customers to access the service via e-banking and the mobile app.

Jan Damrau, head of corporate management and member of the Zuger Kantonalbank executive board, stated that the inclusion of ADA and AVAX lets clients “further develop their crypto portfolios conveniently with their principal bank” at a pivotal moment for digital asset adoption.

> “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.”
> — Fritz Jost, Sygnum Bank chief B2B officer

In early January, Sygnum raised $58 million in its Strategic Growth Round, valuing the bank at over $1 billion, thus achieving unicorn status. The funding round was oversubscribed, with Fulgur Ventures, a Bitcoin-focused venture capital firm, as the cornerstone investor.

Read more: Swiss crypto bank Sygnum adds Deribit into off-exchange custody platform.