Postfinance, one of the largest retail banks in Switzerland, will offer its customers access to major cryptocurrencies and related services. The state-owned financial institution will use a banking platform developed by Sygnum, a Swiss licensed digital asset bank.
Postfinance partners with Sygnum to offer digital asset products and services
the financial services arm of Switzerland’s state-owned Post,Postfinancehas joined forces with crypto bank Sygnum to offer a range of digital asset banking services. To do so, the bank will adopt Sygnum’s B2B (business-to-business) banking platform.
The partnership will enable the launch and expansion of regulated bank-grade products and services for digital assets, Sygnumsaid in an announcement released Wednesday. The Switzerland-based fintech company further elaborated:
Postfinance customers will be able to buy, store and sell major cryptocurrencies such as Bitcoin and Ethereum.
Postfinance has analyzed the investment needs of its customers, and Sygnum also explained that there is strong demand for digital investment services. The company’s B2B banking platform will allow the Swiss state bank to integrate new services into its existing infrastructure.
“Digital assets have become an integral part of the financial world and our clients want to access this market with Postfinance, a trusted principal bank,” commented Philippe Merkut, Chief Investment Officer of the bank.
Signum holds both a Swiss banking license and a Singapore asset management license. It is fully regulated, making it one of the few banks in the world that can bridge traditional finance and digital assets.
Sygnum Bank also emphasizes that this B2B offering allows partner banks to quickly enter the crypto market with cost-effective and regulatory compliant products. This will also allow Postfinance to continue to introduce new services such as staking. Fritz Joost, Signum’s B2B chief executive officer, noted that the company already has more than 15 partner banks.
Postfinance’s interest in the digital asset sector is not new. In July 2022, Swiss Post’s financial arm announced its intention to enter the crypto services market. In May of the previous year, the bank had already announced a mobile app that would give customers access to more than a dozen cryptocurrencies.
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