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Zuger Kantonalbank, Switzerland’s oldest cantonal bank, has made history by becoming the first institution of its kind to offer cryptocurrency services. Teaming up with Sygnum Bank, Zuger Kantonalbank now provides trading and storage for six cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), Litecoin (LTC), and Uniswap (UNI).
With assets totaling CHF 18.6 billion ($20.6 billion), Zuger Kantonalbank is utilizing Sygnum’s API-powered B2B protocol to enable cryptocurrency trading on its mobile platform. This protocol is already being used by more than fifteen banks worldwide. Customers with debit and custody accounts can now trade and store these digital assets without relying on external wallets or third-party exchanges.
This move by Zuger Kantonalbank reflects the increasing adoption of cryptocurrencies by major entities. Notable names in this trend include BlackRock, Wisdom Tree, and Coinbase, which recently introduced XRP futures for its non-U.S. customers. Additionally, there is a growing interest in spot Bitcoin ETFs and the recognition of XRP as an “international payment medium” by the Atlanta Federal Reserve.
Zuger Kantonalbank primarily serves the Zug region in Switzerland, which is renowned as a hub for blockchain and cryptocurrency businesses. By offering cryptocurrency services, the bank is aligning itself with the evolving financial landscape of its service area.