Zuger Kantonalbank, a Zug-based cantonal bank, has expanded its cryptocurrency offering through its partnership with Sygnum, a Swiss digital asset banking group who earned its unicorn status with a valuation to over US$ 1 billion.

The bank has added Cardano (ADA) and Avalanche (AVAX) to its existing range of regulated digital assets, which includes Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), Polygon (POL), Litecoin (LTC), and Uniswap (UNI).

Customers can trade these assets via Zuger Kantonalbank’s e-banking and mobile banking platforms.

The bank first introduced regulated cryptocurrency services in 2023 and has expanded its offering in response to increased customer demand, alongside developments in cryptocurrency regulation in the US and Europe.

Sygnum’s B2B platform, regulated by the Swiss Financial Market Supervisory Authority (FINMA), provides Zuger Kantonalbank access to a range of digital asset banking services.

Sygnum’s network of over 20 banks and financial institutions enables more than a third of the Swiss population to access regulated cryptocurrency services.

Client assets are held in Sygnum’s institutional-grade custody platform, featuring multi-layer security, external audits, and off-balance sheet storage to mitigate counterparty risk.

Jan Damrau, Head of Corporate Management and a member of Zuger Kantonalbank’s Executive Board, stated:

“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.”

Fritz Jost, Sygnum Bank’s Chief B2B Officer, added:

“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.”

Featured image credit: edited from freepik