cryptodaily.co.uk
PostFinance Bank, a financial services firm owned by the Swiss Government, has stated that it would offer its customers various regulated crypto services.
These services will be delivered thanks to a partnership with Sygnum Bank.
Bitcoin And Ethereum Services For Clients
According to the announcement by PostFinance Bank, the partnership with digital assets bank Sygnum will allow customers to access, purchase, and store cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). PostFinance Bank is Switzerland’s fifth-largest financial services company, with an estimated 2.5 million users. Speaking about the partnership, Sygnum Bank’s chief B2B officer Josh Fritz stated,
“This partnership illustrates how digital assets are now an integral part of the financial landscape in Switzerland. In this sense, the PostFinance and Sygnum partnership represents an important and fully regulated step towards increased asset class adoption. Switzerland as an investment ecosystem offers a number of strategic advantages, including regulatory clarity for cryptocurrencies and off-balance sheet segregation of crypto assets, which eliminates credit risks.”
PostFinance’s Chief Investment Officer Philip Merkt, releasing a statement about the partnership, stated,
“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.”
Sygnum Bank also separately announced the news of the partnership on its Twitter handle.
Institutional Grade Staking
The partnership between PostFinance and Sygnum also allows the former to provide other revenue-generating services, such as crypto staking. Staking refers to a process in which a user’s assets are locked for a specified duration to secure a blockchain and receive rewards in return. Currently, Sygnum’s staking services include Ethereum, Cardano (ADA), Tezos (XTZ), and Internet Computer (ICP). Fritz added,
“Our continually expanding B2B offering, which currently includes 25 leading cryptocurrencies, including DeFi-focused, 60+ trading pairs, and four leading fiat currencies, is available for deployment by PostFinance on a flexible basis. Additional details about the token and staking offering roadmap will be communicated by PostFinance in the lead-up to launch,”
Sygnum also launched custody and trading services for USDC and a number of decentralized finance (DeFi) projects and tokens. These include Aragon (ANT), Aave (AAVE), Maker (MKR), Synthetic (SNX), Curve (CRV), 1inch (1INCH), and Uniswap (UNI).
Customers Demand Access To Crypto
With cryptocurrencies and non-fungible tokens (NFTs) growing in popularity, customers of various banks have been demanding more exposure to these emerging asset classes. Customers at PostFinance have been no different. According to a spokesperson for PostFinance, the institution’s customers have long been demanding access to the crypto ecosystem.
“Our analyses show that our customers want access to the crypto market. The past few months have shown that customers want more security, regulation, and trust. We can offer this. Our top priority is to offer trading and safekeeping within a secure framework for our customers and to ensure the highest level of regulatory compliance.”
Crypto Adoption On The Rise Again
The pivot towards crypto once again is not just occurring in Switzerland. In fact, countries across Europe are embracing the asset class, with several major developments taking place. Liechtenstein’s VP Bank announced that it is partnering with Metaco as recently as Tuesday. The partnership will allow it to provide tokenization and digital asset custody services to customers. DekaBank and DZ Bank, two of Germany’s largest banks, have also partnered with Metaco to provide crypto custody services to institutional clients.
The Neobank N26 has also expanded its services to provide crypto trading services in countries such as Switzerland, Ireland, Germany, Portugal, and Belgium. Meanwhile, Bitcoin’s price has jumped by over 70% since the beginning of the year.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.