PostFinance Announces Partnership with Sygnum Bank to Provide Crypto Access to Customers

PostFinance, a financial services company in Switzerland that is government-owned, has announced a collaboration with Sygnum Bank, a regulated digital asset services provider.

As a result, PostFinance's 2.5 million customers will be able to purchase, store, and sell major cryptocurrencies like bitcoin and ether, with additional crypto-tokens to be added later.

While the United States appears to be attempting to eliminate cryptocurrencies, Switzerland is charting its own path.

Sygnum Bank, which has held a banking license from Swiss regulators for four years, focuses on serving institutions such as private and Cantonal banks.

PostFinance Chief Investment Officer Philipp Merkt stated that customers want access to the digital asset market, and that a reputable and established partner like Sygnum Bank is critical.

Fritz Jost, the Chief B2B Officer at Sygnum Bank, stated in an interview with CoinDesk that PostFinance's move into the cryptocurrency market was partly influenced by the significant outflows from retail banks in Switzerland into digital assets, amounting to hundreds of millions of Swiss francs annually.

Jost explained that PostFinance saw this as an opportunity to not only create a new source of revenue but also to retain clients.

Although PostFinance has not yet decided on the exact range of cryptocurrencies that will be available, Jost assured that a diverse selection will be provided. He added that banks have previously introduced crypto to their customers and subsequently received requests for additional services such as staking.

PostFinance has a roadmap in place, starting with buy, hold, and sell, to gain traction within the organization and with customers.