PostFinance, a retail bank wholly owned by the Swiss government, is preparing to offer cryptocurrency trading and storage services to its customers.
PostFinance has partnered with local cryptocurrency bank Sygnum to offer its clients a range of regulated digital asset banking services, the companies announced on April 5.
The partnership will specifically allow PostFinance customers to buy, store and sell major cryptocurrencies, including Bitcoin and Ethereum. Encryption services are enabled through Sygnum's institutional business-to-business offering, which provides banks with market access to regulated and compliant digital products. The B2B network includes more than 15 partner banks and supports “a range of cryptocurrencies,” offering revenue-generating services such as staking. Sygnum’s plug-and-play setup for B2B banking gives partner banks the opportunity to use the GUI-based solution within 60 days while gaining access to its entire suite of digital asset products, Fritz Jost, Sygnum’s chief B2B officer, told Cointelegraph.
“However, unlike other deployments, PostFinance involved a custom setup and natively integrated digital asset custody, trading and market data into their e-bank using Sygnum’s B2B banking platform API,” Jost noted. He added that PostFinance will use Sygnum’s services to provide digital asset custody services to its clients, while Sygnum will act as a sub-custodian.
Philipp Merkt, PostFinance’s chief investment officer, noted that PostFinance’s foray into the cryptocurrency market is in response to growing demand from its clients, stating: "Digital assets have become an integral part of the financial world, and our clients want access to this market with PostFinance, the leading bank they trust."
Founded in 1906, PostFinance is the financial services arm of Swiss Post, the Swiss national postal service. Known for its pro-crypto stance, the public company built its own cryptocurrency custody platform and issued digital collectibles tied to physical postage stamps in 2021. The launch of PostFinance’s crypto transaction service comes shortly after Swiss Post announced the launch of Crypto Stamp 3.0, a new iteration of a crypto stamp featuring physical and non-fungible token versions integrated with artificial intelligence technology. Swiss Post’s new encrypted stamps are scheduled to go on sale on May 2, 2023.
