Swiss Bank PostFinance to Offer Crypto Services to 2.69M Customers
PostFinance, the state-owned bank of Switzerland and one of the largest retail banks in the country will offer crypto services to its 2.69 million customers. The state-owned banking giant will partner with Sygnum, the Swiss-licensed digital asset bank, to provide digital assets and services.
PostFinance Teams with Sygnum to Provide Digital Asset Products and Services
The
financial services unit of the national postal service of Switzerland, PostFinance, has teamed
up with digital asset bank Sygnum to offer digital asset products and services.
The bank will use the B2B (business-to-business) banking platform of Sygnum to
offer crypto services.
The
partnership enables the launch and expansion of regulated bank-grade products
and services for digital assets, as announced by Sygnum on
Wednesday. The Switzerland-based fintech company said:
"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, explained Sygnum. Its B2B banking platform
will enable 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 the market at Postfinance, their trusted principal bank,"
said Philipp Merkt, Chief Investment Officer, PostFinance.
Sygnum Bridges Traditional Finance and Digital Assets
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 can 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. Postfinance can now introduce new services such
as staking. The Chief B2B Officer of Sygnum, Fritz Jost, announced that the
company is already working with over 15 partner banks.
Postfinance
has shown considerable interest in digital
assets for the last few years. The bank launched a mobile app
in May 2021 that provided clients with access to over a dozen cryptocurrencies
and announced its intentions to offer crypto services in July 2022.
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