PostFinance, one of Switzerland’s leading financial service providers, has announced that it will collaborate with Sygnum Bank, a regulated digital asset services provider, to provide its customers with access to cryptocurrencies.
Owned by the Swiss government, PostFinance will initially offer its 2.5 million clients the ability to purchase, store, and trade major cryptocurrencies such as bitcoin (BTC) and ether (ETH). Additional crypto assets will be included over time.
Switzerland has its unique approach to cryptocurrencies, standing out from places like the U.S., where a clear effort to eradicate crypto seems to be the ultimate objective. Sygnum, a crypto-focused company, obtained a banking license from Swiss regulators about four years ago and offers services to a variety of institutions, including private banks and Cantonal banks.
According to PostFinance’s Chief Investment Officer, Philipp Merkt, “Digital assets have become an essential aspect of the financial industry, and our customers are interested in accessing this market through their trusted primary bank, PostFinance.” Merkt added that a reliable and well-established partner like Sygnum Bank, which offers exceptional services, is more critical than ever.
Fritz Jost, the Chief B2B Officer at Sygnum Bank, stated that PostFinance’s move into the crypto market was prompted, in part, by the transfer of funds from retail banks in Switzerland to the digital asset class.
Fritz Jost, in an interview with CoinDesk, revealed that “PostFinance noticed that significant outflows in the hundreds of millions each year were going to cryptocurrency exchanges and similar platforms.” Jost further explained that PostFinance views this move not just as an opportunity to generate additional revenue but also as a means of retaining its clients. Although the specific cryptocurrencies to be offered have yet to be decided, Jost confirmed that a wide range of digital assets will be made available to PostFinance’s customers.
