PostFinance, a retail bank fully owned by the Swiss government, is preparing to offer its customers cryptocurrency trading and storage services.
PostFinance has partnered with the local cryptocurrency bank Sygnum to offer its customers a range of regulated digital asset banking services, the firms announced on April 5.
The partnership will specifically allow PostFinance customers to buy, store and sell major cryptocurrencies, including Bitcoin (BTC) and Ether (ETH).
The crypto services are enabled through Sygnum’s institutional business-to-business offering that provides banks with market entry to regulated and compliant digital products. The B2B network includes more than 15 partner banks and supports a “range of cryptocurrencies,” featuring revenue-generating services like staking.
Sygnum’s B2B banking Plug-n-Play setup gives partner banks the opportunity to go live with a GUI-based solution within 60 days while enabling access to its entire suite of digital asset products, Sygnum’s chief B2B officer Fritz Jost told Cointelegraph.
“However, unlike other deployments, PostFinance involves a bespoke setup and uses Sygnum’s B2B banking platform API to natively integrate digital asset custody, trading and market-data into their e-banking,” Jost noted. He added that PostFinance will use Sygnum’s services to provide digital asset custody for their clients, while Sygnum would act as a sub-custodian.
PostFinance’s move into crypto comes in response to a growing demand from its customers, the bank’s chief investment officer Philipp Merkt noted, stating:
“Digital assets have become an integral part of the financial world, and our customers want access to this market at PostFinance, their trusted principal bank.”
Founded in 1906, PostFinance is the financial services unit of Swiss Post, Switzerland’s national postal service. The public company is known for its pro-crypto stance, building its own crypto custody platform and issuing digital collectibles linked to physical stamps in 2021.
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The announcement on PostFinance’s crypto trading services comes shortly after Swiss Post announced the launch of Crypto Stamp 3.0, a new crypto stamp iteration featuring physical and nonfungible token versions integrated with artificial intelligence technology. Swiss Post’s new crypto stamp is scheduled to go on sale on May 2, 2023.
PostFinance did not immediately respond to Cointelegraph’s request for comment.
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Sourced from cointelegraph.com.
Written by Helen Partz on 2023-04-05 06:40:54.
