Swiss financial services group Zuger Kantonalbank is expanding its tokenised asset range amid growing customer demand for crypto investments.
The group has broadened a partnership with Sygnum banking group to deliver some of these services.
In a statement on Monday (17 March), the group said the partnership deal would expand its token offering with Cardano (ADA) and Avalanche (AVAX) with trades being permitted in its e-banking or mobile apps.
Jan Damrau, head of corporate management, and Zuger Kantonalbank executive board member, said the decision to expand its services was part of the bank’s “future roadmap”.
He explained: “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.”
A Zuger spokesperson said the new tokens enhance its existing offering of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP) and other protocols.
Sygnum’s fiat-digital asset gateway already allows Zuger’s customers to use fiat currency balances to buy and trade cryptocurrencies through the Zuger Kantonalbank e-banking and mobile banking apps.
Client crypto assets are held off-balance sheet in segregated accounts.
Fritz Jost, chief B2B officer at Sygnum Bank said: “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.
“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.”
