Swiss Govt-Owned Bank PostFinance Paves Way for Crypto Adoption

Key Points:

• PostFinance partners with Sygnum Bank to offer its 2.5 million customers access to cryptocurrencies like bitcoin and ether, driven by outflows from retail banks in Switzerland into the digital asset class.
• PostFinance hopes to retain its customers by offering crypto services and adding a new revenue stream, as digital assets have become an integral part of the financial world.
• Switzerland is more welcoming to the crypto industry than other countries like the U.S., and Sygnum Bank caters to a range of institutions, including Cantonal banks and private banks.

PostFinance, the fifth-largest financial services firm in Switzerland, has announced that it will be partnering with Sygnum Bank, a regulated digital asset services provider, to offer its 2.5 million customers access to cryptocurrency.

The partnership will allow PostFinance users to buy, store, and sell leading cryptocurrencies like bitcoin and ether, with plans to add more crypto-tokens in the future.

The move by PostFinance to offer cryptocurrency services was driven in part by outflows from retail banks in Switzerland into the digital asset class. Fritz Jost, Chief B2B Officer at Sygnum Bank, explained that PostFinance “became aware of a considerable number in the hundreds of millions each year of outflows to crypto exchanges and the like.” PostFinance hopes to retain its customers by offering crypto services and adding a new revenue stream.

Switzerland has been more welcoming to the crypto industry than other countries like the U.S., where there seems to be a concerted effort to stamp out cryptocurrencies. Sygnum Bank, which attained a banking license from Swiss regulators four years ago, caters to a range of institutions, including Cantonal banks and private banks.

PF Chief Investment Officer Philipp Merkt said, “digital assets have become an integral part of the financial world, and our customers want access to this market at PostFinance, their trusted principal bank.” He added, “a reputable and established partner like Sygnum Bank with an excellent service offering is more important than ever.”

While a diverse range of cryptos will certainly be made available, PostFinance has not yet decided which ones it will offer.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News