PostFinance, Switzerland’s fifth-biggest financial services firm, has declared that its customers will now have access to digital currencies, thanks to a collaboration with regulated crypto services provider Sygnum Bank.
PostFinance, which is owned by the Swiss government, will begin by providing its 2.5 million clients access to buy, store, and sell prominent cryptos such as Bitcoin (BTC) and Ether (ETH), with more crypto-tokens to be added in the future.
Switzerland is embracing the concept of cryptocurrency, which stands in stark contrast to other places such as the U.S., where a concerted effort to remove crypto is being made. Sygnum, which has been granted a banking license from Swiss authorities four years ago, offers its services to a variety of firms, including Cantonal and private banks.
Chief Investment Officer for PostFinance, Philipp Merkt, stated that “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 reliable and established partner like Sygnum Bank with an excellent service offering is more important than ever.”
The decision by PostFinance to expand into crypto was partially driven by funds being withdrawn from retail banks in Switzerland and placed into the digital asset class, according to Fritz Jost, Chief B2B Officer at Sygnum Bank.
“PostFinance observed a considerable amount, in the hundreds of millions each year, being transferred to crypto exchanges,” said Jost in a conversation with CoinDesk. “So they saw that this is not only an opportunity to come up with a new source of income but also realized that this has a lot to do with client retention.”
Jost stated that a wide range of cryptos will be offered at PostFinance, although the final selection has yet to be decided. He added, “We have seen banks provide their clients with crypto before, and the next thing they want is staking and so on. I can definitely confirm PostFinance has a roadmap, and it’s a case of beginning with buy, hold and sell to help get the ball rolling within the organization and its customers.”
