PostFinance Partners with Sygnum
In a groundbreaking move, PostFinance, the Swiss government-owned retail bank, is diving headfirst into the world of cryptocurrencies. The bank recently announced a partnership with Sygnum, a prominent local cryptocurrency bank, to offer its customers an exciting array of regulated digital asset banking services.
The Cryptocurrency Services Explained
Starting from April 5, PostFinance customers will be able to buy, store, and sell significant cryptocurrencies like Bitcoin (BTC) and Ether (ETH). This segues into a larger trend as banks recognize the market potential for digital assets.
Unlocking New Possibilities
Sygnum has established a well-oiled institutional business-to-business network, allowing banks to access a comprehensive suite of digital asset products. With over 15 partner banks in tow, they are committed to compliant, revenue-generating services such as staking.
A Quick Setup for Banks
Fritz Jost, Sygnum’s chief B2B officer, shared insights about the Plug-n-Play setup, where banks can launch cryptocurrency services in just 60 days. This swift integration promotes efficiency in adopting digital assets.
The Unique PostFinance Approach
What sets PostFinance apart? They are going beyond the usual plug-in solutions. They are opting for a tailored integration using Sygnum’s API that will seamlessly weave digital asset custody, trading, and market data into their existing e-banking system. Jost also confirmed that Sygnum will play a role as sub-custodian.
Why the Shift Towards Crypto?
Philipp Merkt, PostFinance’s Chief Investment Officer, articulated the driving force behind this crypto venture. With digital assets becoming an integral part of the financial landscape, customers are increasingly requesting access to cryptocurrency services at their trusted banks. PostFinance is eager to meet this growing demand.
A Historical Perspective
Founded in 1906, PostFinance has continually evolved to meet customer needs, including a notable pro-crypto stance. In 2021, they launched their own crypto custody platform and even ventured into creating digital collectibles tied to physical stamps.
Looking Forward: Crypto Stamp 3.0
In addition to the crypto trading services, Swiss Post is also preparing for the roll-out of an innovative product: Crypto Stamp 3.0. Set to go on sale on May 2, this new iteration combines physical stamps with non-fungible token (NFT) versions enhanced by artificial intelligence technology. It’s proof that Swiss innovations in the crypto space are only just getting started!
