- PostFinance, a fully government-owned retail bank in Switzerland, has partnered with local cryptocurrency bank Sygnum to offer digital asset banking services to its customers.
- This move reflects PostFinance’s response to the growing demand for crypto services and showcases Switzerland’s pro-crypto stance as a hub for blockchain and cryptocurrency companies.
Switzerland’s PostFinance has announced its plans to launch cryptocurrency trading and storage services for its customers, partnering with local cryptocurrency bank Sygnum. This partnership allows PostFinance customers to buy, store, and sell major cryptocurrencies like Bitcoin and Ether through Sygnum’s institutional business-to-business offering. PostFinance’s Chief Investment Officer, Philipp Merkt, emphasized the bank’s decision to enter the crypto space is a response to the increasing demand from customers wanting access to this market.
Swiss Crypto Pioneers
Switzerland has been a forerunner in cryptocurrency regulations, establishing a clear legal framework for digital assets in 2018. The country is known for its private banking sector and has become a hub for blockchain and cryptocurrency companies. The Swiss city of Zug, often referred to as “The Crypto Valley,” is home to major crypto companies like Ethereum, ShapeShift, and Xapo. PostFinance’s move into the crypto space is the latest development in Switzerland’s pro-crypto stance, indicating a growing acceptance of digital assets in the traditional financial world.
Regulatory Crackdown and Crypto Opportunities
PostFinance’s entry into crypto services comes as U.S. regulators issue multiple warnings to banks about the potential risks of working with crypto companies. This regulatory crackdown has forced crypto firms to seek banking partnerships in Europe, Asia, and “offshore.” Switzerland’s welcoming environment for crypto firms and its well-established legal framework make it an attractive location for companies looking for stability and security.
Conclusion
PostFinance’s partnership with Sygnum marks a significant development in the growing acceptance of digital assets in the traditional financial sector. By offering customers a range of regulated digital asset banking services, including cryptocurrency trading and storage, PostFinance is catering to the increasing demand for access to the crypto market. This move further solidifies Switzerland’s position as a leading hub for blockchain and cryptocurrency companies, providing a stable and secure regulatory environment for the burgeoning industry.
