Swiss state-owned bank, PostFinance, is partnering with digital asset services provider, Sygnum Bank, to provide cryptocurrency trading and storage services to its 2.5 million customers.
The partnership will enable customers to buy, sell and store Bitcoin and Ethereum, with more tokens expected to be added in the future. PostFinance will use Sygnum’s institutional business-to-business banking platform, which allows financial institutions to enter the crypto markets in a regulated and compliant manner to offer crypto services.
Sygnum’s B2B network includes more than 15 partner banks and supports a “range of cryptocurrencies,” also featuring revenue-generating services like staking.
PostFinance’s pro-crypto stance is well-known. It has an in-house trading and custody service and issues digital collectibles linked to physical stamps. In 2021, PostFinance partnered with online trading platform Swissquote to develop the Yuh mobile application, which gives users access to traditional shares and stock markets as well as over 25 cryptocurrencies.
The recent move by PostFinance to offer its 2.5 million customers exposure to crypto could further accelerate the pace of adoption among traditional finance users.
This development also signifies mainstream acceptance of cryptocurrencies and blockchain-based technologies, as major companies like Nasdaq and S&P Global are investing in crypto services and expanding into the decentralized finance sector.
