PostFinance, the fifth-largest financial services company in Switzerland, is set to offer cryptocurrency to over 2.69 million customers.
The banking giant, fully owned by the Swiss government, has partnered with digital assets provider Sygnum Bank to roll out the crypto trading and custody services. As such, PostFinance will leverage Sygnum Bank’s fully regulated B2B banking platform to offer flexible and efficient access to Bitcoin, Ethereum and other cryptocurrencies.
PostFinance to allow customers buy and custody bitcoin, Ether
In an announcement published on 5 April 2023, PostFinance and Sygnum said they will start offering millions of customers the chance to buy, store and sell Bitcoin and Etherum. PostFinance will soon extend the services to more cryptocurrencies.
Philipp Merkt, Chief Investment Officer of PostFinance, said in a statement:
“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. A reputable and established partner like Sygnum Bank with an excellent service offering is more important than ever.”
Customers to also access crypto staking
The banks’ move into crypto trading and custody services comes after a surge in demand from customers for digital assets products. Sygnum already helps more than 15 banks to offer customers various digital asset services, a range of regulated products that PostFinance will tap into for millions of its clients.
Sygnum Bank Chief B2B Officer Fritz Jost said of the partnership:
“Our all-in-one B2B banking platform enables our fifteen-plus B2B partner banks to expand their range of regulated digital asset services at scale and speed. We are pleased to empower PostFinance to deliver institutional-grade digital asset services to their customers.”
Among the ew revenue-generating services PostFinance is set to offer its customers is staking. Apart from Ethereum, investors will access staking products for Cardano (ADA), Tezos (XTZ) and Internet Computer (ICP).
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