Swiss State-Owned Banking Giant Postfinance to Offer Crypto Services
Postfinance, one of Switzerland’s largest retail banks, will offer customers access to major cryptocurrencies and related services. The state-owned financial institution will be using the banking platform developed by the Swiss-licensed digital asset bank Sygnum.
Postfinance Partners With Sygnum to Provide Digital Asset Products and Services
The financial services unit of the national postal service of Switzerland, Postfinance, has joined forces with crypto bank Sygnum to offer a range of digital asset banking services. To achieve that, the bank will employ Sygnum’s B2B (business-to-business) banking platform.
The partnership enables the launch and expansion of regulated bank-grade products and services for digital assets, Sygnum said in an announcement published Wednesday. The Switzerland-based fintech company further elaborated:
Postfinance’s customers will be able to buy, store and sell leading cryptocurrencies such as bitcoin and ethereum.
Postfinance has analyzed the investment needs of its customers and detected strong demand for digital investment services, Sygnum also explained. Its B2B banking platform will allow the Swiss state-owned bank to integrate the new offering into its existing infrastructure.
“Digital assets have become an integral part of the financial world, and our customers want access to this market at Postfinance, their trusted principal bank,” commented the bank’s Chief Investment Officer Philipp Merkt.
Sygnum holds both a Swiss banking license and a Singapore asset management license. Being fully regulated, makes it one of the few banks globally that are able to provide a bridge between traditional finance and digital assets.
Sygnum Bank also highlighted that the B2B offering allows its partner banks to quickly enter the crypto market in a cost-efficient manner and with regulation-compliant products. Using it, Postfinance will also be able to continue to introduce new services such as staking. Fritz Jost, Signum’s chief B2B officer, noted that the company is already working with over 15 partner banks.
Postfinance’s interest in the digital asset space is not new. Swiss Post’s financial arm announced its intentions to enter the crypto services market in July, 2022. In May, the previous year, the bank had already launched a mobile app providing clients with access to over a dozen cryptocurrencies.
Do you expect more Swiss banks to also seek B2B solutions allowing them to offer crypto-related products and services to their customers? Tell us in the comments section below.