PostFinance, a Swiss government-owned bank, has partnered with local cryptocurrency bank Sygnum to offer cryptocurrency trading and storage services to its customers. This move comes in response to PostFinance’s customers’ growing demand for access to the cryptocurrency market. Here are the details…
Switzerland’s state bank to offer cryptocurrency trading
Through Sygnum’s enterprise-to-business offering, PostFinance customers will be able to buy, store and sell major cryptos, including Bitcoin and Ethereum. The B2B network also “supports a number of altcoins besides Bitcoin and offers revenue-generating services such as staking. PostFinance’s entry into the cryptocurrency market is not considered the first. The bank is known for its pro-crypto stance. The bank was founded in 1906 and is recognized as the financial services division of Swiss Post, Switzerland’s national postal service.
cryptocoin.com As we have also reported, the financial services unit of Switzerland’s national postal service, Swiss Post, established its own Bitcoin and altcoin custody platform in 2021 and issued digital collections associated with physical stamps. Acknowledging the importance of Bitcoin and altcoins in the financial world, Philipp Merkt, PostFinance chief investment officer, said, “Our clients seek access to this market at their trusted parent bank, PostFinance.”
Banks and financial institutions are now taking Bitcoin and altcoins seriously
The partnership with Sygnum marks another important step in PostFinance’s efforts to deliver the latest financial products and services to its customers. As a public company founded in 1906, PostFinance has a long history of innovation and adapting to changing market trends. The announcement regarding PostFinance’s cryptocurrency trading services comes shortly after Swiss Post announced the launch of Crypto Stamp 3.0. The new iteration of the crypto stamp has physical and NFT versions integrated with artificial intelligence technology and is scheduled to go on sale on May 2, 2023.
PostFinance’s decision to offer cryptocurrency trading and storage services is part of a broader trend among banks and financial institutions to meet customers’ growing demand for access to crypto assets. As more people around the world begin to see the potential of cryptocurrencies as an investment and payment method, banks are also realizing the need to provide related services.
As cryptocurrency continues to gain popularity among consumers and investors worldwide, banks and financial institutions are also realizing the need to offer crypto-related services. Local cryptocurrency bank Sygnum, which has partnered with PostFinance, is one of the leading players in this space. The bank provides many services to corporate and individual customers, including custody, trading and lending. Collaborating with Sygnum, PostFinance can leverage the bank’s expertise and infrastructure to provide customers with a secure and compliant way to buy, store and sell cryptocurrencies.
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