BancaStato launched regulated cryptocurrency trading through partnerships with Sygnum and Avaloq, according to a Thursday announcement. The Swiss cantonal bank serving Ticino region integrated Sygnum's digital asset platform to allow customers to buy, sell and hold Bitcoin, Ether, Litecoin and Solana through existing web and mobile banking applications. BancaStato joined Sygnum's business-to-business banking platform that currently serves more than 25 financial institutions offering regulated digital asset services.
BancaStato Integrates Sygnum API Through Avaloq Banking System
BancaStato integrated Sygnum's trading and custody services into its existing Avaloq banking system. Avaloq, headquartered in Zurich, develops software banks use to run core banking and digital banking services. The integration connects Sygnum's application programming interface directly to Avaloq's platform, allowing customers to access crypto trading from their existing banking app.
The setup removes the need for a separate order management system, which reduces operational complexity and makes it easier to add new features, according to the companies. Fritz Jost, Sygnum's chief B2B officer, stated that BancaStato is the first bank using Avaloq's software-as-a-service platform to let customers buy, hold and sell crypto assets through its e-banking platforms using Sygnum's API. Jost described the launch as a "significant step in the maturity and scalability of regulated digital asset infrastructure."
Sygnum Receives MiCA CASP License from Liechtenstein FMA
Sygnum announced in late June that its Liechtenstein-based subsidiary, Sygnum Europe AG, received a crypto-asset service provider license under the European Union's Markets in Crypto-Assets regulation from Liechtenstein's Financial Market Authority. The license allows Sygnum Europe to provide regulated crypto asset services under MiCA.
Jost stated that European partner banks can use the same bank-to-bank infrastructure without going through the multi-year process of building and licensing their own crypto operations. Banks remain responsible for their own regulatory arrangements, while Sygnum provides the licensing, custody and trading infrastructure. The license came before the end of the Markets in Crypto-Assets Regulation transitional period on July 1.
Sygnum's banking partners include Societe Generale-FORGE, PostFinance and VZ Depotbank.
FAQ
What crypto assets can BancaStato customers trade through the new service?
BancaStato customers can buy, sell and hold four crypto assets: Bitcoin, Ether, Litecoin and Solana through the bank's existing web and mobile banking applications.
What license did Sygnum Europe receive in late June?
Sygnum Europe AG received a crypto-asset service provider license under the European Union's Markets in Crypto-Assets regulation from Liechtenstein's Financial Market Authority in late June, allowing it to provide regulated crypto asset services under MiCA.
How does BancaStato's integration with Sygnum work technically?
BancaStato integrated Sygnum's trading and custody services by connecting Sygnum's application programming interface directly to its existing Avaloq banking platform, eliminating the need for a separate order management system.
