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Swiss Bank PostFinance Partners with Sygnum Bank to Offer Crypto Services to Users

UTC by Mercy Tukiya Mutanya · 3 min read
Swiss Bank PostFinance Partners with Sygnum Bank to Offer Crypto Services to Users
Photo: Depositphotos

Switzerland’s position on digital assets is at odds with the increased regulatory scrutiny and action taking place in other parts of the world such as the United States.

Swiss financial services firm PostFinance will now be able to offer its 2.5 million users access to crypto assets after partnering with digital asset services provider Sygnum Bank. Customers will initially be able to buy, hold and sell cryptocurrencies such as Bitcoin and Ether with more tokens to be added in the future. The firm is yet to decide which tokens will be added. In the meantime, users will also have access to revenue-generating services such as staking.

PostFinance, the banking branch of the local postal service, is Switzerland’s fifth-largest financial services company and is entirely owned by the Swiss government while crypto-focused Sygnum Bank received a banking license from Swiss regulators in August 2019. Sygnum’s B2B banking platform services a range of institutions, including Cantonal banks and private banks.

“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. A reputable and established partner like Sygnum Bank with an excellent service offering is more important than ever,” said PostFinance Chief Investment Officer Philipp Merkt in a statement.

Sygnum Bank’s Chief B2B Officer Fritz Jost reveals that PostFinance’s venture into crypto was brought on, in part, by the outflows of funds from retail banks in Switzerland into the digital asset industry.

“PostFinance became aware of a considerable number in the hundreds of millions each year of outflows to crypto exchanges and the like. So 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.”

Switzerland’s position on digital assets is at odds with the increased regulatory scrutiny and action taking place in other parts of the world such as the United States. This week, the postal service, Swiss Post, announced that it will launch its third edition of “crypto stamps” next month. A special edition is also set to be auctioned later in the year. The collection, Crypto Stamp 3.0, will include both physical and non-fungible token (NFT) versions.

This latest edition will also integrate artificial intelligence (AI) and is set to go on sale on May 2, 2023, at 7:30 am. The crypto stamps were created using AI by attendees of Swiss Digital Days 2022, a series of local events that ran from early September to late October last year. Swiss Post will gradually reveal the different versions of crypto stamps throughout the course of the month.

Blockchain News, Cryptocurrency News, News
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