- February 21, 2024
- Posted by: [email protected]
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Switzerland’s PostFinance has announced a groundbreaking collaboration with Sygnum, a pioneering crypto bank, to introduce a revolutionary retail cryptocurrency solution for its 2.5 million customers. The move signifies a pivotal moment as digital assets carve out an indelible space within the financial realm, with PostFinance proudly declaring itself as the “first systemically important Swiss bank” to embrace regulated trading and custody services for a diverse array of eleven cryptocurrencies, including the heavyweight contenders Bitcoin and Ethereum.
This strategic initiative is underpinned by PostFinance’s recognition of the profound shift in the financial landscape, with digital assets evolving into an integral component of the contemporary financial world. The partnership leverages Sygnum’s sophisticated B2B banking platform to seamlessly integrate the comprehensive crypto offering into PostFinance’s existing infrastructure, ensuring a smooth and secure transition into the world of cryptocurrencies for its customers.
Philipp Merkt, Chief Investment Officer of PostFinance, expressed the imperative of meeting customer expectations, noting that the demand for crypto market access from their principal bank is on the rise. In this context, the collaboration with Sygnum, a well-established and reputable partner, assumes paramount importance. The perks for customers are substantial, including round-the-clock access to trading and custody services, a user-friendly login interface available online or through the PostFinance app, and the assurance of secure access facilitated by a trusted Swiss banking partner.
Fritz Jost, Chief B2B Officer at Sygnum Bank, emphasized the user-friendly aspect of this collaboration, with the launch making cryptocurrencies directly accessible to clients via the e-finance login or app. The streamlined approach, requiring only a few clicks, underscores the commitment to making crypto adoption straightforward for users. PostFinance’s integration into Sygnum’s B2B platform positions it among a select group of Swiss banks and international financial institutions, all offering services that adhere to regulatory standards set by the Swiss Financial Market Supervisory Authority (FINMA).
PostFinance’s partnership with Sygnum goes beyond this recent collaboration and includes a broader initiative launched in December, the “Safe Recovery Hub.” In conjunction with Safe, a smart wallet infrastructure provider, and CoinCover, a UK-regulated recovery service provider, the hub provides users with a curated suite of crypto recovery options. This comprehensive offering, including self-custodial and social recovery options, addresses the challenges associated with complex key management, empowering users with diverse recovery solutions tailored to their risk preferences.
As Switzerland’s PostFinance takes pioneering steps to integrate cryptocurrencies into its services, this collaboration with Sygnum is emblematic of a broader industry trend. The move signals a forward-looking approach within the financial sector, acknowledging the transformative potential of digital assets and laying the groundwork for mainstream adoption in banking and financial services.
