PostFinance, Switzerland’s fifth largest financial services firm, announced that it would offer Bitcoin and Ethereum buying, selling, and storage services to its 2.5 million customers!
Swiss State Bank PostFinance to Offer Bitcoin Trading
PostFinance Bank, which is fully owned by the Swiss government, announced in the past hours that it is now preparing to offer cryptocurrency trading and storage services to its customers. The company said in a statement that this service had been developed through a partnership with Sygnum Bank, a provider of regulated digital asset services and that its users will be able to access cryptocurrencies through this partnership.
The partnership will allow PostFinance customers to buy, store, and custody several major cryptocurrencies, including Bitcoin and Ethereum.
The Result of Increasing Demand
The crypto-focused Sygnum, which obtained a banking license from Swiss regulators about four years ago, serves several institutions, including Cantonal banks and private banks. The crypto services are enabled through Sygnum’s institutional business-to-business offering that provides banks with market entry to regulated and compliant digital products. Its B2B network, which includes revenue-generating services such as staking, covers more than 15 partner banks.
Responding to questions on the subject, Philipp Merkt, Chief Investment Officer of PostFinance, stated that his company’s transition to crypto was in response to demand from its customers and stated the following:
“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.”
About PostFinance
Founded in 1906, PostFinance is the financial services unit of Swiss Post, Switzerland’s national postal service. The public company is known for its pro-crypto stance, building its own crypto custody platform and issuing digital collectibles linked to physical stamps in 2021.
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