Swiss Government-Owned PostFinance Adopts Crypto in Collaboration with Sygnum Bank

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One of the Swiss financial institutions, PostFinance, has announced plans to offer its users access to cryptocurrencies, through a collaboration with regulated digital asset service provider Sygnum Bank.

As Ian Allison reported for CoinDesk earlier today, PostFinance, which is 100% owned by the Swiss government, will initially offer its 2.5 million customers the ability to buy, store and sell cryptocurrency. major currencies like bitcoin (BTC) and ether (ETH), with plans to include more crypto tokens in the future.

Switzerland’s approach to crypto differs significantly from countries like the United States, where efforts to suppress the crypto market appear to be the primary focus. Sygnum, a crypto-focused bank that obtained a banking license from Swiss regulators four years ago, serves a variety of institutions, including cantonal and private banks.

Philipp Merkt, Chief Investment Officer of PostFinances, said in a statement:

Digital assets have become an integral part of the financial world and our customers want to access this market with PostFinance, their main trusted bank.

He added that partnering with a reputable and established institution like Sygnum Bank is more important than ever.

Fritz Jost, Chief B2B Officer at Sygnum Bank, explained that PostFinances’ decision to enter the crypto space was partly driven by Swiss retail banks’ outflows into digital assets.

Jost told CoinDesk,

PostFinance has become aware of a massive number of hundreds of millions of outflows to crypto and other exchanges every year.

He believes the move will not only create a new revenue stream, but also help build customer loyalty. Although PostFinance plans to offer a diverse range of cryptos, the exact selection is yet to be determined.

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