Zuger Kantonalbank Unlocks ADA And AVAX Trading With Sygnum
Zuger Kantonalbank’s e-banking and mobile app have expanded their services with support to Cardano and Avalanche after a major partnership deal with Sygnum. Partnering with Sygnum to Expand Support for...
- Zuger Kantonalbank’s e-banking and mobile app have expanded their services with support to Cardano and Avalanche after a major partnership deal with Sygnum.
Partnering with Sygnum to Expand Support for Cardano and Avalanche Tokens
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 to include support for Cardano (ADA) and Avalanche (AVAX) trading.
The Swiss bank’s move comes in response to the increasing demand for cryptocurrencies amid the positive regulatory shake-up in key markets, particularly in the US and the EU. With the new partnership, Zuger Kantonalbank increases the crypto assets supported by its digital assets trading platform to nine.
Prior to the inclusion of ADA and AVAX, Zuger Kantonalbank’s e-banking and mobile solutions already covered Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), Polygon (POL), Litecoin (LTC), and Uniswap (UNI). Its services give customers seamless access to buying and trading crypto using their fiat balances.
The new collaboration lets Zuger Kantonalbank leverage Sygnum’s B2B (business-to-business) platform in enhancing the custody of its customers’ digital assets. Sygnum’s institutional-grade custody solution offers a multi-layer security framework that features software and hardware controls combined with governance and external audits. For extra measure, Sygnum also segregates its clients’ assets in an off-balance sheet to keep them bankruptcy-free and significantly reduce counterparty risks.
Official Statements of Zuger Kantonalbank and Sygnum
“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,” stated 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 under their own brand—backed at all times by the peace of mind given by Sygnum’s bank-grade security.”
Zuger Kantonalbank boasts over a century of experience in the banking industry. As of June 2024, it reported more than $21.43 billion in assets under management (AUM).
It’s also worth noting that Zuger Kantonalbank holds the distinction of being the first Swiss cantonal bank to integrate crypto support into its platform.
About Sygnum
Sygnum is relatively new in the game, having been only established in 2018. However, the digital assets bank immediately propelled itself into unicorn status this year after achieving over $1 billion in total valuation.
This comes hot on the heels of its first reported profitability in the first half of 2024. As of January this year, Sygnum held more than $4.5 billion in AUM.
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Giancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines. In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013. Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc., the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO's core management team, contributing to strategic planning and business development endeavors.
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