In a landmark move, Zuger Kantonalbank, Switzerland's oldest cantonal bank founded in 1892, has become the first such institution to offer cryptocurrency services. The bank has partnered with Sygnum Bank to introduce trading and storage for six cryptocurrencies: XRP, Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), Litecoin (LTC), and Uniswap (UNI), as revealed by Crypto Eri on Thursday.
Zuger Kantonalbank, which holds CHF 18.6 billion ($20.6 billion) in assets, is leveraging Sygnum's API-powered B2B protocol to facilitate cryptocurrency trading on its mobile platform. This protocol is currently used by over fifteen banks worldwide. Customers with debit and custody accounts can now trade and store these digital assets without the need for an external wallet or a third-party exchange.
This move by Zuger reflects a broader trend of growing cryptocurrency market adoption by major entities. Notable names in this trend include BlackRock (NYSE:BLK), Wisdom Tree, and Coinbase (NASDAQ:COIN), which recently launched XRP futures for its non-U.S. customers. Applications for spot BTC ETFs and the Atlanta Federal Reserve's recognition of XRP as an "international payment medium" further underscore this trend.
Zuger Kantonalbank primarily serves the Zug region in Switzerland, which is known as a hub for blockchain and cryptocurrency businesses. This new service offering aligns the bank with the evolving financial landscape of its service area.
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