PostFinance, a Swiss retail bank founded 117 years ago, has announced its plans to enter the cryptocurrency market, starting with allowing its customers to buy, sell, and hold Bitcoin. This move by PostFinance to incorporate digital assets comes as the demand for cryptocurrencies continues to increase globally, with many investors seeking to diversify their portfolios. With this development, PostFinance aims to meet the needs of their clients by providing access to cryptocurrency trading within a regulated environment.
PostFinance Partners with Sygnum to Offer Crypto Services to Customers
PostFinance, a Swiss government-owned retail bank, has partnered with Sygnum, a Zurich-based regulated digital asset bank, to offer PostFinance’s customers a range of regulated digital asset banking services. Sygnum is supervised by the Swiss Financial Market Supervisory Authority (FINMA) and is one of the few banks in the world that can provide a secure bridge between traditional finance and digital assets.
According to the official announcement, PostFinance customers will be able to buy, store, and sell leading cryptocurrencies such as Bitcoin and Ethereum via Sygnum’s B2B banking platform. By utilizing Sygnum’s B2B banking platform, PostFinance will integrate this new offering into its existing infrastructure starting from the launch.
The partnership will allow PostFinance to introduce new revenue-generating services such as staking, in addition to a range of cryptocurrencies. PostFinance revealed analyzing its customers’ investment needs and observed strong demand for digital investment services.
Fritz Jost, Chief B2B Officer at Sygnum Bank, said, “We are pleased to empower PostFinance to deliver institutional-grade digital asset services to their customers. We are committed to continuously drive further innovation and positive change for the industry and our partner banks’ customers.”
Crypto Exodus from the US
PostFinance embracing crypto is in stark contrast to the crypto climate in the US. The failure of the United States Congress to establish a policy is pushing the industry participants to other countries. Even the largest US-based crypto exchange, Coinbase, is considering moving a trading unit out of the country, driven by regulatory uncertainty. Europe has become a favorable destination for these entities as well. USDC issuer and fintech company Circle also announced the opening of a new office in Paris.
Conclusion
PostFinance’s partnership with Sygnum is an important move towards embracing the digital asset space. The partnership will bring more digital financial services to PostFinance’s customers and introduce new revenue-generating services. As crypto regulations continue to be a concern in the US, more and more companies may look to Europe for opportunities.