Due to growing consumer interest, the Swiss regional financial institution is growing its offerings to encompass Cardano (ADA) and Avalanche (AVAX).
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To include ADA and AVAX in its virtual currency offerings, Zug Cantonal Bank is collaborating with virtual currency bank Sygnum.
Sygnum said in a blog post on March 17 that the growth is motivated by “rising consumer interest,” as well as improved regulatory certainty in the United States and the European Union, and the establishment of strategic Bitcoin reserves in the United States. Sygnum’s gateway processes the bank’s fiat-to-virtual currency transactions, and Zug Cantonal Bank clients may use the service using their e-banking and mobile applications.
According to Fritz Jost, Chief B2B Officer at Sygnum Bank, Zug Cantonal Bank’s latest entry into the token arena illustrates substantial marketplace interest in other tokens with diverse use cases to supplement major protocols such as Bitcoin and Ethereum. Jan Damrau, Head of Corporate Management and an Executive Board member at Zug Cantonal Bank, stated that the addition of ADA and AVAX will enable the bank’s clients to “further grow their virtual currency holdings conveniently through their primary bank at a crucial juncture in the global acceptance of digital assets.”
Sygnum secured $58 million in its strategic growth round in early January, bringing its worth to over $1 billion and designating it a “unicorn” firm. Fulgur Ventures, a Bitcoin-focused venture capital organization, was the cornerstone investor in the oversubscribed round. Sygnum team members, as well as new and existing investors, also took part in the financing.
