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Postfinance, one of Switzerland’s largest retail banks, will offer customers access to major cryptocurrencies and related services. The state-owned financial institution will use the banking platform developed by Swiss-licensed digital asset bank Sygnum.
The financial services unit of Switzerland’s national postal service, Postfinance, has teamed up with crypto bank Sygnum to offer a range of digital asset banking services. To achieve this, the bank will use Sygnum’s B2B (business-to-business) banking platform.
The partnership enables the launch and expansion of regulated banking products and services for digital assets, Sygnum said in an announcement published on Wednesday. The Switzerland-based fintech company elaborated further:
Postfinance’s customers will be able to buy, store and sell leading cryptocurrencies such as bitcoin and ethereum.
Postfinance has analyzed the investment needs of its customers and discovered strong demand for digital investment services, Sygnum also explained. The B2B banking platform will allow the Swiss state-owned bank to integrate the new offering into its existing infrastructure.
“Digital assets have become an integral part of the financial world and our customers want access to this market at Postfinance, their trusted main bank,” commented the bank’s Chief Investment Officer Philipp Merkt.
Sygnum has both a Swiss banking license and an asset management license in Singapore. Being fully regulated makes it one of the few banks globally able to provide a bridge between traditional finance and digital assets.
Sygnum Bank also highlighted that the B2B offer allows the partner banks to quickly enter the crypto market in a cost-effective way and with regulation-compliant products. By using it, Postfinance will also be able to continue to introduce new services such as staking. Fritz Jost, Signum’s head of B2B, noted that the company already works with over 15 partner banks.
Postfinance’s interest in the digital asset space is not new. Swiss Post’s financial arm announced its intentions to enter the crypto services market in July 2022. In May, the previous year, the bank had already launched a mobile app that gave customers access to over a dozen cryptocurrencies.
Do you expect more Swiss banks to also seek B2B solutions that allow them to offer crypto-related products and services to their customers? Tell us in the comments section below.
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