Cardano and Avalanche Now Available at Select Swiss Cantonal Banks Due to Rising Client Requests

Zuger Kantonalbank, a Swiss-based financial institution, has expanded its crypto offerings to include Cardano (ADA) and Avalanche (AVAX) through a collaboration with Sygnum, a Swiss bank specializing in cryptocurrencies.

Zuger Kantonalbank, a Swiss universal bank, has broadened its cryptocurrency services to encompass Cardano (ADA) and Avalanche (AVAX) by partnering with Swiss bank Sygnum, which specializes in crypto.

In a blog post on March 17, Sygnum announced that this expansion was due to "increased customer demand" amidst growing regulatory clarity in the U.S. and E.U., as well as the creation of a U.S. Strategic Bitcoin Reserve. Sygnum's gateway facilitates the bank's fiat-to-crypto transactions, while Zuger Kantonalbank customers can access the service through e-banking and its mobile app.

Jan Damrau, head of corporate management and executive board member of Zuger Kantonalbank, stated that the inclusion of ADA and AVAX allows the bank's 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."

"The latest expansion of Zuger Kantonalbank's token universe demonstrates the strong demand for additional tokens with diverse use-cases to complement major protocols like Bitcoin and Ethereum."

Fritz Jost, Sygnum Bank chief B2B officer

In early January, Sygnum raised $58 million in its Strategic Growth Round, increasing 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 lead investor. New and existing investors, along with Sygnum team members, also took part in the funding.