Oldest Cantonal Bank in Switzerland with $20B+ in Assets Opens XRP Trading and Custody

Zuger Kantonalbank, one of the largest banks in Switzerland by assets held, has opened trading and storage offerings for six cryptocurrencies, including XRP.

This development stemmed from a partnership between Zuger and Sygnum Bank, a leading digital asset bank. Notably, Zuger’s dabble into crypto makes it the first cantonal bank in Switzerland to launch a crypto offering. A cantonal bank is a commercial banking institution owned by the government.

While Sygnum Bank announced the move earlier this month, it went unnoticed but was recently spotlighted by prominent XRP community figure Eri.

This month:
Zuger Kantonalbank Launched Crypto Asset Trading and Storage — #BTC #ETH #XRP #LTC #UNI #MATIC

The Zug Bank has an unlimited government guarantee.https://t.co/VuKttUFzDH
Fun Trivia: 1 in 8 people in Zug are millionaires.🧐 pic.twitter.com/ogB7e2fust

— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) October 19, 2023

According to the official announcement, Zuger Kantonalbank will employ high-grade security measures for its crypto offering, which would encompass six different crypto assets: XRP, Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), Litecoin (LTC) and Uniswap (UNI).

The partnership with Sygnum Bank is essential for this offering, as it will enable Zuger to leverage Sygnum’s API-powered business-to-business (B2B) protocol for crypto trading and related services. Notably, over fifteen banks in Switzerland and other leading global finance institutions already use this protocol.

Zuger Kantonalbank’s customers can use its mobile banking platform to access crypto trading services. The bank’s official website shows that it has already begun offering the services, with initial support for the six previously mentioned crypto assets.

The bank provides these crypto services to clients with debit and custody accounts. Customers can buy, sell, and store XRP and other supported assets using Zuger’s mobile platform without using an external wallet or third-party crypto exchange.

A Growing Interest

Founded in 1892, Zuger Kantonalbank is Switzerland’s oldest cantonal bank and one of the country’s largest banks, with CHF 18.6 billion ($20.6 billion) in assets, per data from its latest accounting record. Zuger provides a wide range of banking, focusing on the local economy and community within the Zug region.

The bank’s interest in crypto assets, especially XRP, underscores the growing adoption rate of the crypto market. Asset managers such as BlackRock and Wisdom Tree have also indicated interest, with the recent slew of applications looking to launch spot BTC ETFs.

XRP itself has recently taken the spotlight, bolstered by its regulatory clarity outside and within the United States. Coinbase recently launched XRP futures for its non-U.S. Advanced customers. In a May report, the Atlanta Federal Reserve spotlighted XRP as an “international payment medium.”