- PostFinance, Switzerland’s fifth-largest financial services firm, is partnering with regulated digital asset services provider Sygnum Bank to offer access to cryptocurrency to its 2.5 million customers.
- The move was partly driven by outflows from retail banks in Switzerland into the digital asset class, which PostFinance saw as an opportunity to add a new revenue stream and improve client retention.
- PostFinance will initially offer customers access to buy, store, and sell leading cryptocurrencies such as bitcoin and ether, with more crypto-tokens to be added later.
PostFinance Partners with Sygnum Bank to Offer Cryptocurrency to Customers
PostFinance, Switzerland’s government-owned financial services firm, has announced a partnership with Sygnum Bank to offer cryptocurrency access to its 2.5 million customers. PostFinance will initially offer users access to buy, store, and sell leading cryptocurrencies such as bitcoin and ether, with plans to add more crypto-tokens in the future.
The move comes amid outflows from retail banks in Switzerland into the digital asset class, which PostFinance saw as an opportunity to add a new revenue stream and improve client retention.
Switzerland’s Crypto-Friendly Environment
Switzerland has a reputation for being a crypto-friendly country, with a regulatory framework that fosters innovation and attracts cryptocurrency-related businesses. Sygnum Bank, which obtained a banking license from Swiss regulators four years ago, caters to a range of institutions, including Cantonal banks and private banks.
PostFinance’s partnership with Sygnum Bank reflects a growing interest among financial institutions in Switzerland to offer their clients access to cryptocurrency and digital assets.
Roadmap for Expansion
PostFinance and Sygnum Bank have a roadmap for the expansion of cryptocurrency services, with plans to offer a diverse range of crypto-tokens in the future. Fritz Jost, Chief B2B Officer at Sygnum Bank, noted that banks that have offered cryptocurrency to their clients in the past often follow up with additional services such as staking.
While PostFinance’s initial offering will be limited to buying, holding, and selling cryptocurrencies, the partnership with Sygnum Bank suggests that PostFinance has plans to expand its cryptocurrency services in the future.
In conclusion, PostFinance’s partnership with Sygnum Bank to offer cryptocurrency access to its customers is an indication of Switzerland’s growing interest in the digital asset class. The move reflects a desire among financial institutions to offer clients access to cryptocurrency and digital assets, and PostFinance’s roadmap for expansion suggests that the partnership could lead to more cryptocurrency services in the future.