Swiss Bank PostFinance to Offer Bitcoin and Crypto Services
The fifth-largest financial services provider in Switzerland, PostFinance, has announced a partnership with regulated digital asset services provider Sygnum Bank to start providing Bitcoin and cryptocurrency services for their customers.
PostFinance, which is owned by the Swiss government, will first provide its 2.5 million clients access to purchase, store, and trade Bitcoin and other cryptocurrencies.
Sygnum, a digital asset bank, serves a variety of institutions, including Cantonal banks and private banks. The company received a banking license from Swiss regulators four years ago.
PostFinance chief investment officer 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.” He added that it is crucial to have a reliable and experienced partner like Sygnum Bank along with excellent service.
According to Fritz Jost, chief B2B officer of Sygnum Bank, the decision by PostFinance to enter the Bitcoin and cryptocurrency market was influenced in part by inflows from retail banks in Switzerland into digital assets like Bitcoin.
Jost also mentioned that “they saw that this is not only as an opportunity to add a new revenue stream, but also realized that this has a lot to do with client retention.”