Zug Cantonal Bank enables crypto trading
03 October 2023 10:44
Zug Cantonal Bank is offering its clients the opportunity to purchase, trade and securely store the most commonly used crypto currencies in a fully regulated banking environment with immediate effect. This makes it the first cantonal bank to respond to such changes in market demand, further details of which can be found in the bank’s press release.
This new service is being offered via the bank’s e-banking and mobile banking platforms, meaning that anyone interested in using this service does not have to move away from their usual banking environment. Separate storage of the digital keys is not necessary, while the trading hours are Monday to Friday, 1.30 a.m. to 10 p.m.
“In collaboration with our partners, we have built an advanced infrastructure via which we can offer investors an additional diversification option”, explains CEO Hanspeter Rhyner in the press release. For this new service, Zug Cantonal Bank is making use of the B2B banking platform operated by the crypto bank Sygnum, which is based in Zurich and Singapore. According to the information available, this platform offers access to a wide range of digital asset banking services regulated by the Swiss Financial Market Supervisory Authority (FINMA) via a single access point.
In terms of the technological development of the platform and infrastructure, Zug Cantonal Bank was supported by Swisscom. In the event that the new service proves to be successful, the bank intends to “further expand the universe of tradeable assets”. ce/mm