PostFinance, a Swiss state-owned retail bank, has announced that it will soon offer its 2.5 million customers access to cryptocurrency trading and storage services. The bank has partnered with Sygnum Bank, a regulated digital asset bank, to provide a range of crypto products via Sygnum’s B2B banking platform.
According to a press release on April 5, PostFinance customers will be able to buy, sell and store Bitcoin (BTC) and Ethereum (ETH) tokens through their e-finance platform. The bank plans to add more cryptocurrencies and services in the future, such as staking for Ethereum, Cardano (ADA), Tezos (XTZ) and Internet Computer (ICP).
PostFinance said that the move was driven by the growing demand for digital assets among its customers, who want access to this market at their trusted principal bank. The bank also said that it aims to generate new revenue streams and diversify its portfolio with crypto assets.
Sygnum Bank, which was founded in 2018 and became the world’s first digital asset bank in 2019, will provide PostFinance with its fully regulated and compliant B2B banking platform. Sygnum already works with more than 15 banks to offer crypto services to their clients.
Philipp Merkt, Chief Investment Officer of PostFinance, said:
“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 of Sygnum Bank, said:
“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 their customers.”
The partnership between PostFinance and Sygnum Bank is another sign of the growing adoption of crypto assets in Switzerland, which is known for its crypto-friendly regulations and innovation. The country has also issued several crypto licenses to banks and fintech firms, as well as launched a Crypto Valley Association to support the development of the industry.