Recently, PostFinance, the important financial institution based in Switzerland, in collaboration with Sygnum Bank, has launched a crypto custody offering for 2.5 million customers. Let’s see all the details below.
Switzerland: PostFinance creates new opportunities in the crypto custody landscape
As anticipated, PostFinance, one of the main Swiss financial institutions, will launch a new and innovative crypto custody offering in collaboration with Sygnum, a global banking group specializing in digital assets.
This partnership aims to provide digital asset services through Sygnum’s B2B banking platform.
The B2B banking platform of Sygnum Bank offers the possibility to launch initiatives like that of PostFinance and to continuously expand regulated products and services of bank-grade digital assets.
PostFinance, with over 2.5 million customers, thus becomes the first Swiss bank of systemic relevance to introduce regulated trading and custody for 11 cryptocurrencies, including Bitcoin and Ethereum.
Thanks to Sygnum’s B2B banking, over a quarter of the Swiss population and more than 15 partner banks and international financial institutions will be able to benefit from innovative and secure cryptocurrency products at low costs.
The goal of PostFinance is to offer secure access to cryptocurrency markets on favorable terms for its 2.5 million customers.
They manage over 100 billion Swiss francs of assets and carry out 1.3 billion payment transactions every year.
Access to the 11 cryptocurrencies will be available starting from USD 50, covering custody, trading, and even savings plans in cryptocurrencies.
PostFinance has easily integrated the offer of cryptocurrencies into its existing infrastructure by leveraging Sygnum’s B2B banking platform.
Benefits for customers include 24/7 access to trading and custody, login from any PostFinance online account or its app, and secure access through a trusted Swiss banking partner.
Simplified access to digital assets
This initiative sees PostFinance joining over 15 other Swiss banks and international financial institutions on the Sygnum B2B platform, which offers regulated digital asset services by FINMA continuously through a single and reliable API.
This collaboration allows banks to make their offerings future-proof and capture a larger share of wallet from existing customers.
Furthermore, it allows them to improve their competitive position, paving the way for new future services such as staking.
The launch of this initiative follows Sygnum’s fundraising of over 40 million dollars, with Azimut Holding as the lead investor and global wealth manager.
In 2023, Sygnum has recorded a strong financial and operational performance, closing the year with an annualized revenue of over 100 million dollars and a positive cash flow in the fourth quarter.
Philipp Merkt, Chief Investment Officer of PostFinance Ltd, declares that digital assets are now an integral part of the financial landscape.
He states that customers want to access this market through PostFinance, their trusted bank. The presence of a solid partner like Sygnum Bank, known for its excellent service offering, is more crucial than ever.
Fritz Jost, Chief B2B Officer of Sygnum Bank, adds that Sygnum’s B2B banking offers the opportunity for over 15 B2B partner banks to provide regulated digital asset services at scale and speed.
Sygnum is excited to enable PostFinance to offer its clients institutional-grade digital asset services.
With this launch, PostFinance makes cryptocurrencies easily accessible to its customers through the login or e-finance app, simplifying the experience of managing digital assets in just a few clicks.
