PostFinance, Switzerland’s fifth-largest financial services firm, has announced that it will begin providing access to cryptocurrencies to its customers. Sygnum Bank, an authorised digital asset services company, has joined forces with the bank. This will allow the company to introduce and expand regulated, bank-grade digital asset goods and services for its customers. This is set to be done by the end of 2024.
The bank evaluated its clients’ investment requirements and discovered a high demand for digital investment services. PostFinance will incorporate this new product into its current infrastructure from the start by utilising Sygnum’s B2B banking platform. It intends to give its 2.5 million users access to currencies such as bitcoin (BTC) and ether (ETH), with more crypto-tokens to follow in due time.
Switzerland is in stark contrast to countries like the United States, where a concerted effort to eradicate cryptocurrency appears to be the ultimate objective. Sygnum, a cryptocurrency-focused company that received a banking licence from Swiss regulators four years ago, serves a variety of organizations, including Cantonal banks and private banks. Sygnum is one of the few institutions in the world that can provide a safe bridge between conventional finance and digital assets as a completely regulated digital asset expert with a Swiss banking licence.
Philipp Merkt, Chief Investment Officer of PostFinance Ltd, says “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. A reputable and established partner like Sygnum Bank with an excellent service offering is more important than ever.”
Fritz Jost, Chief B2B Officer, Sygnum Bank, adds “Our all-in-one B2B banking platform enables our fifteen-plus B2B partner banks to expand their range of regulated digital asset services at scale and speed. We are pleased to empower PostFinance to deliver institutional-grade digital asset services to its customers. We are committed to continuously driving further innovation and positive change for the industry and our partner banks’ customers.”
According to Jost, a diverse variety of cryptos will undoubtedly be made accessible, but PostFinance has yet to make a decision. According to him, the move by PostFinance to enter the crypto space was influenced in part by outflows from Swiss private institutions into the digital asset class. PostFinance’s move to not only promote bitcoin trading but also to create a separate platform for it.
