Finance & Economics

PostFinance Bank to Offer Crypto Services

Swiss government-owned bank PostFinance is partnering with Sygnum Bank to enable its 2.5 million customers to buy, store and sell bitcoin and ether

PostFinance Bank to Offer Crypto Services

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One of the largest financial services firms in Switzerland, PostFinance, which is fully owned by the Swiss government, announced it will start offering its users access to cryptocurrency services. The banking division of the Swiss Post will currently support the two most valuable crypto – bitcoin and ether.

The new feature is available due to the partnership with Sygnum – a digital asset bank that offers its customers a range of regulated crypto services via Sygnum’s B2B banking platform. Sygnum’s B2B offering will seamlessly integrate into PostFinance’s existing infrastructure from the outset.

Having a Swiss banking licence and capital markets services (CMS) licence in Singapore, Sygnum can provide a secure bridge between traditional finance and digital assets. Therefore, PostFinance can safely provide access to traditional cryptocurrency trading options, as well as new revenue-generating services, such as staking. 

PostFinance acknowledges customers’ interest in crypto investments and aims to satisfy clients’ needs as “their trusted principal bank”. Moreover, many retail banks in Switzerland which fail to provide digital asset services see their businesses lose hundreds of millions each year in outflows to crypto exchanges and similar firms, notes Fritz Jost, Chief B2B Officer, Sygnum Bank.

Therefore, providing crypto-related services is a chance for PostFinance to expand its revenue opportunities and enhance customer retention.

Traditional banking institutions are increasingly embracing blockchain technology and digital assets. As we have previously reported, SEB and Crédit Agricole launched a sustainable blockchain-based bond platform to reward participants for improving their environmental footprint.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.