Swiss Cantonal Bank BancaStato Launches Crypto Trading Service With Sygnum

Swiss cantonal bank BancaStato has launched a cryptocurrency trading service in partnership with crypto-focused bank Sygnum.

Cointelegraph reported on July 23 that BancaStato will offer the service through Sygnum’s business-to-business banking platform. BancaStato is the cantonal bank of Ticino in southern Switzerland.

Customers can buy, sell and hold four cryptocurrencies — Bitcoin, Ether, Solana and Litecoin — through the bank’s existing web and mobile banking apps.

The service integrates Sygnum’s trading and custody infrastructure into the banking system of financial software company Avaloq. Sygnum’s application programming interface is connected directly to the Avaloq platform, allowing customers to trade cryptocurrencies through the bank’s existing app without downloading a separate application.

The setup also eliminates the need for a separate order management system. That reduces operational complexity and makes it easier to add more supported cryptocurrencies or new features later.

BancaStato’s addition brings the number of financial institutions using Sygnum’s B2B platform to 25. Existing major partners include Societe Generale-Forge, PostFinance and VZ Depotbank.