Swiss Cantonal Bank Responds to Increased Demand by Introducing Cardano and Avalanche

Zuger Kantonalbank, a prominent Swiss bank, has expanded its cryptocurrency portfolio by adding Cardano and Avalanche, thanks to a collaboration with crypto-centric bank Sygnum.

The Swiss universal bank Zuger Kantonalbank has enhanced its digital asset offerings to include Cardano (ADA) and Avalanche (AVAX) through a strategic partnership with Sygnum, a bank focused on the cryptocurrency sector.

In a blog post dated March 17, Sygnum indicated that this expansion was prompted by an “upsurge in customer interest,” which they attributed to increasing regulatory clarity in the U.S. and E.U., alongside the establishment of a U.S. Strategic Bitcoin Reserve. Zuger Kantonalbank’s fiat-to-crypto transactions are executed via Sygnum’s gateway, allowing clients to utilize this service through e-banking and the bank’s mobile application.

Jan Damrau, the head of corporate management and a member of the Zuger Kantonalbank executive board, stated that by adding ADA and AVAX, the bank empowers its customers to “further enhance their crypto portfolios conveniently with their primary bank – at a moment when digital assets are nearing a pivotal point for global adoption.”

“The recent expansion of Zuger Kantonalbank’s token selection demonstrates the strong demand for additional tokens with various use cases, complementing major protocols like Bitcoin and Ethereum.”

Fritz Jost, chief B2B officer at Sygnum Bank

Earlier this January, Sygnum secured $58 million in its Strategic Growth Round, elevating its valuation to over $1 billion and marking it as a “unicorn.” The funding round was oversubscribed, with Fulgur Ventures, a venture capital firm specializing in Bitcoin, serving as the main investor. Participation also came from new and existing investors, as well as members of the Sygnum team.