Swiss state-owned Bank PostFinance launches crypto services for customers
While some governments have expressed pushback against the potential of crypto, the Swiss government seems to be bringing it closer to citizens. Earlier today, PostFinance, a financial services company fully owned by the Swiss government, launched crypto services to their customers.
This launch of crypto services comes as a result of the firm’s partnership with the first digital asset bank, Sygnum. With a huge user base of 2.5 million customers, PostFinance is one of Switzerland’s leading financial institutions and largest retail banks.
Crypto services offered to customers
5 April, PostFinance announced its latest offering of regulated digital asset banking services via the partnership with Sygnum. According to the state bankthis move follows the detected strong demand for digital investment services after analyzing the client’s investment needs.
Related reading: Binance attempts to secure license to offer crypto services in Singapore again
From now on, PostFinance customers will now be able to buy, sell and store notable cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). In addition, the company’s customers will now have access to a range of cryptocurrency services.
Philipp Merkt, Chief Investment Officer of PostFinance Ltd said in the announcement:
Digital assets have become an integral part of the financial world, and our customers want access to this market with PostFinance, their trusted main bank. A recognized and established partner like Sygnum Bank with an excellent service offer is more important than ever.
Introducing Crypto Staking Services
According to the announcement, crypto-staking – locking up crypto-assets for a certain period to earn a return – is one of the “new revenue-generating services” PostFinance is said to offer its customers in partnership with Sygnum. The stake service will support notable cryptoassets such as Ethereum, Cardano (ADA), Internet Computer (ICP) and Tezos (XTZ).
Furthermore, the launch of crypto services is not the only feature PostFinance benefits from cooperation. The announcement said Sygnum’s B2B banking platform would allow PostFinance as well as other financial institutions to have access to the company’s multiple banking partners.
Related reading: Hong Kong-based Q9 wins approval to run crypto services in Dubai
Fritz Jost, Chief B2B Officer, Sygnum Bank, noted:
Our all-in-one B2B banking platform enables our fifteen plus B2B partner banks to expand its range of regulated digital asset services at scale and speed. We are pleased to enable PostFinance to deliver institutional quality digital asset services to its customers. We are committed to continuously driving further innovation and positive change for the industry and our partner banks’ customers.
Meanwhile, Credit Suisse, another banking firm from Switzerland, has just been bailed out by UBS, a financial firm, after suffering financial stress.
Last month, UBS bought Credit Suisse for 3 billion Swiss francs ($3.25 billion), which is about 60% less than the value of the bank.
Regardless of the various news circulating in the industry, the global crypto market has remained calm. Over the past 24 hours, the global crypto market capitalization has increased by 1%, with a value over $1.2 trillion at the time of writing.
Featured image from Unsplash, chart from TradingView
