The Zuger Kantonalbank has outpaced its collegues in Lucerne and is now offering its customers, as the first cantonal bank in Switzerland, direct access to Bitcoin, Ether, and other crypto assets.
In August, the Cantonal Bank of Lucerne (LUKB) made headlines with the announcement of a comprehensive crypto offering starting in early 2024. Using the same partner, Sygnum, Zuger Kantonalbank is launching immediate trading and custody services for crypto-assets, as stated in a press release. This move allows ZugerKB to secure its position as a pioneer among cantonal banks.
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Crypto trading with the first cantonal bank
Through integration into ZugerKB's E-Banking platform, customers will have direct access to the world of cryptocurrencies without leaving the familiar interfaces. Traditional and digital assets can be traded in the same place. The transactions are facilitated through a dedicated infrastructure developed in partnership with Sygnum and Swisscom. The Cantonal Bank of Zug describes the advantages of its crypto trading offering as follows:
- Access to leading cryptocurrencies without the need for a separate crypto wallet or account on a crypto exchange
- Clear and easy access to digital assets via E-Banking and the Mobile Banking App
- No need for separate key management
- High-security standards for asset custody
Specifically, ZugerKB offers six cryptocurrencies. In addition to the usual Bitcoin (BTC) and Ether (ETH) offerings, customers can also trade Ripple (XRP), Polygon (MATIC), Litecoin (LTC), and Uniswap (UNI). Trading orders can be placed during regular service hours but must exceed a minimum threshold of $200 USD. Transactions are conducted in USD, not Swiss Francs.
A significant step for the Swiss crypto ecosystem
While some other major banks plan to offer a similar service in early 2024, including PostFinance, LUKB, and other cantonal banks, ZugerKB has become the first to enter the market. Perhaps a natural development for the leading bank in the heart of the Crypto Valley, Zug. In a brochure on the topic, the cantonal bank also explains the most common technical terms, along with a one-pager on the tradable cryptocurrencies.
"We have observed that the increasing demand for cryptocurrencies is no longer coming solely from professional market participants. Therefore, we are delighted to offer our customers an easy, convenient, and secure access to these markets without them having to leave their familiar banking environment." - Hanspeter Rhyner, CEO Zuger Kantonalbank
