Switzerland’s Oldest Cantonal Bank With Over $20 Bln In Assets Opens Trading And Custody Of XRP

Zuger Kantonalbank, one of Switzerland’s largest banks by assets, has launched trading and custody offerings for six cryptocurrencies, including XRP. The new service option is the result of a partnership between Zuger and Sygnum Bank, a leading digital asset bank. Notably, Zuger’s foray into cryptocurrency makes it the first cantonal bank in Switzerland to launch a cryptocurrency offering. The Cantonal Bank is a commercial banking institution owned by the government.

According to the official announcement, Zuger Kantonalbank will apply high-grade security measures to its cryptocurrency offering, which will include six different crypto assets: XRP, Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), Litecoin (LTC) and Uniswap (UNI). The partnership with Sygnum Bank will enable Zuger to leverage the business-to-business (B2B) protocol powered by Sygnum’s API for crypto trading and related services. More than fifteen banks in Switzerland and other leading global financial institutions are already using this protocol.

Customers of Zuger Kantonalbank can use its mobile banking platform to access cryptocurrency trading services. The bank’s official website shows that it has already started offering services with initial support for the six previously mentioned crypto assets. The bank provides these crypto services to customers with debit and deposit accounts. Customers can buy, sell and store XRP and other supported assets using the Zuger mobile platform without using an external wallet or third-party crypto exchange.

Image: Gehri AG