Zuger Kantonalbank, a financial institution based in Switzerland, has broadened its cryptocurrency services by incorporating Cardano and Avalanche through a collaboration with Sygnum, a bank specializing in crypto.
This Swiss universal bank has enhanced its cryptocurrency lineup to feature Cardano (ADA) and Avalanche (AVAX) as a result of its partnership with the crypto-centric Sygnum Bank.
In a blog post on March 17, Sygnum highlighted that this expansion was fueled by “increased customer demand.” They noted a backdrop of improving regulatory clarity in the U.S. and E.U., as well as the creation of a U.S. Strategic Bitcoin Reserve. Zuger Kantonalbank facilitates fiat-to-crypto transactions through Sygnum’s platform, allowing clients to access the service via online banking and a mobile application.
Jan Damrau, who heads corporate management and serves on Zuger Kantonalbank’s executive board, remarked that the inclusion of ADA and AVAX provides the bank’s clients the opportunity to “further grow their crypto portfolios conveniently with their primary bank—especially as digital assets reach a pivotal moment in global adoption.”
“The latest expansion of Zuger Kantonalbank’s token universe demonstrates the robust demand for additional tokens with varied use cases to complement leading protocols like Bitcoin and Ethereum.”
Fritz Jost, chief B2B officer at Sygnum Bank
Earlier in January, Sygnum successfully secured $58 million in its Strategic Growth Round, elevating its valuation to over $1 billion and designating it a “unicorn.” The funding round experienced high demand, with Fulgur Ventures, a venture capital firm focused on Bitcoin, as the primary investor. Both new and existing investors, along with members of the Sygnum team, contributed to the funding.