PostFinance, one of Switzerland’s largest retail banks, has announced a partnership with Sygnum Bank, the world’s second digital asset bank, to offer regulated crypto banking services to its clients. This collaboration will enable PostFinance to offer a full suite of supervised, commercial bank-level digital asset services and products to its 2.5 million users. It includes access to a variety of cryptocurrencies such as Bitcoin and Ethereum.
📰📣 NEWS: @PostFinance partners with Sygnum, the world’s first digital asset bank, to offer its customers regulated digital asset banking services via Sygnum's B2B banking platform. Read the announcement here 👇 https://t.co/zuWRP3lXIS
— Sygnum Bank (@sygnumofficial) April 5, 2023
Sygnum Bank’s B2B Platform to Enable PostFinance’s Digital Investment Services
PostFinance conducted market research on the investing needs of its clients and found significant interest in digital investment services. Sygnum’s B2B bank platform will allow PostFinance to easily incorporate this new service into its current architecture. The collaboration will enable PostFinance to offer its customers convenient and scalable access to a wide variety of cryptocurrencies, while also introducing new revenue-generating services, such as staking, on an ongoing basis.
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According to PostFinance’s Chief Investment Officer Philipp Merkt, clients want their trusted primary bank to give them access to the growing market for digital assets. Sygnum Bank, a long-standing financial institution with a stellar reputation, is a vital ally in today’s business climate. Fritz Jost, Sygnum Bank’s Chief B2B executive, stated that their all-in-one B2B financial services platform allows their fifteen-plus B2B alliance banks to broaden their variety of governed technology platform offerings at scale and speed. However, they are thrilled to equip PostFinance to provide its clients with digital asset services at an institutional level.
PostFinance and Sygnum Bank’s Collaboration Paves the Way for Crpto Adoption in Switzerland
Switzerland follows its path, in contrast to countries like the United States where eradicating crypto appears to be a top priority. Sygnum, a cryptocurrency-focused bank that obtained a business license from Swiss authorities some years ago, serves a wide spectrum of clients, from governement banks to private banks. Annual outflows to cryptocurrency exchanges and other similar businesses totaling several hundred million dollars were the main factor in PostFinance’s decision to enter the market. They recognized this as a single chance to increase income, but also as something crucial to keeping existing customers happy.
In addition, PostFinance and Sygnum Bank are working together, which is a big step toward the widespread use of cryptocurrencies in the financial industry. As more traditional banks look for opportunities in the digital asset space, more regulated virtual currency banking services are likely to become available to people all over the world.