Swiss Government-Owned Bank to Grant 2.5 Million Users Crypto Capabilities via New Partnership – Crypto Adoption on the Rise?
Major Swiss bank PostFinance has partnered with digital asset services provider Sygnum Bank to offer cryptocurrency trading and storage services for its customers.
As part of the partnership, the Swiss state-owned bank will provide its 2.5 million customers access to buy, sell, and store Bitcoin and Ethereum, two of the world's largest cryptocurrencies, with more tokens expected to be added in the future, according to a Wednesday press release.
The bank will tap Sygnum’s institutional business-to-business (B2B) banking platform, which allows financial institutions to enter the crypto markets in a regulated and compliant manner, to offer crypto services.
Sygnum’s B2B network includes more than 15 partner banks and supports a “range of cryptocurrencies,” also featuring revenue-generating services like staking.
"Digital assets have become an integral part of the financial world, and our customers want access to this market at PostFinance," Philipp Merkt, Chief Investment Officer of PostFinance, said in a comment.
Founded in 1906, PostFinance is fully owned by the Swiss government and is the fifth-largest financial services firm in the country. It is also the financial services unit of Swiss Post, which is the national postal service of Switzerland.
The company is known for its pro-crypto stance, building an in-house trading and custody service and issuing digital collectibles linked to physical stamps.
In 2021, PostFinance also partnered with online trading platform Swissquote to develop the Yuh mobile application, which gives users access to traditional shares and stock markets as well as over 25 cryptocurrencies.
Sygnum, which describes itself as the world's first digital asset bank, is fully regulated with a Swiss banking
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