Swiss Bank PostFinance to Offer Crypto Services: Details
- State-owned Swiss retail bank PostFinance announced that it is set to offer crypto trading and storage services to its clients in the region.
- The banking firm has partnered with Sygnum, a digital asset bank that will provide the right tools to integrate the new offering in the Swiss bank’s infrastructure.
- The state-owned retail bank will offer its customers a range of regulated digital asset banking services via Sygnum’s B2B banking platform.
- Customers will be able to buy, store, and sell leading cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).
The adoption of Bitcoin and other blockchain-based digital assets in Switzerland is increasing at a rapid rate, and some of the biggest names in the banking sector have come forward to announce that they will be jumping on the crypto bandwagon. Interestingly, according to an announcement from Swiss bank PostFinance, it has almost completed its preparations for allowing its customers to trade and store crypto coins.
PostFinance is the financial services unit of Swiss Post, which was founded in 1906. As of 2023, it is the fifth largest retail financial institution in the region. Additionally, the state-owned bank announced that it will be providing its services to the customers in partnership with local cryptocurrency bank Sygnum, which claims to be the world’s first digital asset bank.
As per the April 5 announcement, the state-owned retail bank will offer its customers a range of regulated digital asset banking services via Sygnum’s B2B banking platform.
“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. We are committed to continuously driving further innovation and positive change for the industry and our partner banks’ customers, said Chief B2B Officer at Sygnum Bank, Fritz Jost.
On the other hand, the partnership of PostFinance with Sygnum is aimed at expanding regulated, bank-grade digital asset products and services for its customers, allowing them to be able to buy, store, and sell leading cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).
The announcement added that Sygnum’s B2B offering “empowers partner banks with a fast, cost-efficient market entry with innovative, regulated, and compliant products.” With the help of the digital asset bank, PostFinance plans to integrate its new crypto offering with its existing banking infrastructure.
Interestingly, the retail bank also has plans to introduce new revenue-generating services on an ongoing basis, such as staking. It is important to mention here that the United States Securities and Exchange Commission (SEC) has a different approach when it comes to staking. The regulatory agency believes that staking services can be classified as securities and sued crypto exchange Kraken, which paid a fine of $30 million.
The leading exchange in the US, Coinbase, also received a Wells Notice from the SEC, in which the regulator said that Coinbase’s staking products are unregistered securities and also highlighted “aspects of Coinbase’s exchange… and Coinbase Wallet.”
It is crucial to note here that PostFinance believes that Sygnum is one of the few firms around the globe with the capability of providing “a secure bridge between traditional finance and digital assets.”
“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,” said Philipp Merkt, Chief Investment Officer of PostFinance.