Zuger Kantonalbank Expands Support for Cardano and Avalanche Tokens by Partnering with Sygnum

Zuger Kantonalbank just announced its partnership with Sygnum Bank on Monday. The new linkage allows the cantonal bank to expand its e-banking and mobile app services

Zuger Kantonalbank is partnering with Sygnum Bank to add support for Cardano (ADA) and Avalanche (AVAX) tokens on its e-banking and mobile app services.

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The Swiss bank’s move comes in response to the increasing demand for cryptocurrencies amid the positive regulatory shake-up in key markets. The integration of the two new tokens increases the crypto assets supported by Zuger Kantonalbank’s digital assets trading platform to nine.

Earlier this year, when Zuger Kantonalbank launched its e-banking and mobile solutions, they already covered Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), Polygon (POL), Litecoin (LTC), and Uniswap (UNI). The services provide customers with the ability to buy and trade crypto using their fiat balances.

The partnership with Sygnum will enable Zuger Kantonalbank to further enhance the custody of its customers’ digital assets using Sygnum’s B2B platform.

The integration of Sygnum’s institutional-grade custody solution offers a multi-layer security framework that combines software and hardware controls with governance and external audits for maximum protection. For extra measure, Sygnum also segregates its clients’ assets in a dedicated bank-grade structure, which keeps the assets free from bankruptcy and significantly reduces counterparty risks.

“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,” said Jan Damrau, Head of Corporate Management and Member of the Zuger Kantonalbank Executive Board.

“We are proud to continue our partnership with Sygnum to expand our customer offering and deliver our future roadmap.”

“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,” added Fritz Jost, Sygnum Bank’s Chief B2B Officer.

“We are committed to empowering more banks and financial institutions to build, launch, and continually expand regulated crypto asset services—at all times backed by the peace of mind given by Sygnum’s bank-grade security and technology.”

About Zuger Kantonalbank

Zuger Kantonalbank has a century of experience in the banking industry and as of June 2024, manages more than $21.43 billion in assets.

The bank is also the first Swiss cantonal bank to integrate crypto support into its platform.

About Sygnum

Founded in 2018, Sygnum is a digital assets bank that achieved unicorn status this year after reaching more than $1 billion in total valuation.

The bank, which posted its first reported profitability for the first half of 2024, manages more than $4.5 billion in assets as of January.