Switzerland’s PostFinance has partnered with Sygnum Bank, a regulated digital asset services provider, to offer cryptocurrency access to its 2.5 million customers.
PostFinance, Switzerland’s fifth-largest financial services company and owned by the government, will provide customers with the ability to buy, store, and sell major cryptocurrencies like bitcoin and ether, with more to come in the future.
Sygnum Bank caters to a range of institutions, including Cantonal banks and private banks, and obtained a banking license from Swiss regulators four years ago. The decision to venture into crypto was driven, in part, by outflows from Swiss retail banks to digital assets, according to Fritz Jost, Sygnum Bank’s chief B2B officer.
While Jost said PostFinance will certainly provide a diverse range of cryptocurrencies, the selection has yet to be determined. PostFinance Chief Investment Officer Philipp Merkt said that digital assets have become a vital part of the financial world, and customers want access to them through their trusted principal bank. Jost confirmed that PostFinance has a roadmap for its crypto offering and will initially offer buying, holding, and selling services.