Swiss bank Zuger Kantonalbank has added cryptocurrencies Cardano and Avalanche to its offering through a partnership with Sygnum bank.
Partnership Between Zuger Kantonalbank and Sygnum
Swiss universal bank Zuger Kantonalbank has announced the expansion of its cryptocurrency offerings by adding Cardano (ADA) and Avalanche (AVAX) through a partnership with Sygnum, a Swiss bank specializing in cryptocurrencies. This expansion was made possible through collaboration aimed at increasing the accessibility of digital assets for the bank's clients.
Reasons for Expanding Crypto Offerings
According to Sygnum's statement, the expansion was driven by increased customer demand and growing regulatory clarity in the U.S. and E.U. Fiat-to-crypto transactions are facilitated through Sygnum's gateway, while Zuger Kantonalbank customers can access the service via e-banking and its mobile app.
Sygnum's Investments and Achievements
In early January, Sygnum raised $58 million in its Strategic Growth Round, pushing its value to over $1 billion and making it a 'unicorn.' The funding round was oversubscribed, with Fulgur Ventures, a Bitcoin-focused venture capital firm, as the cornerstone investor. New and existing investors, along with Sygnum team members, also participated in the funding.
The expansion of Zuger Kantonalbank's crypto offerings demonstrates banks' attempts to adapt to modern market demands by providing clients with access to diversified digital assets.
