Swiss bank expands crypto offerings to $1B

Zuger Kantonalbank, a Swiss universal bank based in Zug, has expanded its cryptocurrency offerings through a partnership with Sygnum, a Swiss digital asset banking group valued at over $1 billion.

This move adds Cardano (CRYPTO:ADA) and Avalanche (CRYPTO:AVAX) to the bank's existing range of digital assets, which includes Bitcoin (CRYPTO:BTC), Ethereum (CRYPTO:ETH), Solana (CRYPTO:SOL), Ripple (CRYPTO:XRP), Polygon (CRYPTO:MATIC)), Litecoin (CRYPTO:LTC), and Uniswap (CRYPTO:UNI).

The expansion is driven by increased customer demand following the launch of its mobile-friendly crypto trading service in 2023.

It aligns with growing regulatory clarity in both the U.S. and Europe, including the establishment of a U.S. Strategic Bitcoin Reserve and the introduction of the Markets in Crypto-Assets Regulation (MiCA) in Europe.

Sygnum's fiat-digital asset gateway allows customers to seamlessly use their fiat balances to buy and trade cryptocurrencies via Zuger Kantonalbank's e-banking and mobile banking platforms.

The crypto assets are secured through Sygnum's institutional-grade custody platform, which features multi-layer security, software and hardware controls, governance measures, and external audits.

Jan Damrau, Head of Corporate Management at Zuger Kantonalbank, noted that the addition of Cardano and Avalanche enables clients to further develop their crypto portfolios within a trusted banking environment.

This development comes as digital assets approach a pivotal moment in global adoption.

Fritz Jost, Sygnum Bank's Chief B2B Officer, emphasised the strong demand for additional tokens with diverse use cases, highlighting Sygnum's commitment to empowering banks to expand regulated crypto asset services.

The inclusion of Cardano in Zuger Kantonalbank's offerings could also pave the way for increased liquidity and adoption, especially if Cardano futures trading is approved by regulatory bodies.