Switzerland’s PostFinance has partnered with Sygnum Bank, a digital asset services provider, to provide cryptocurrency trading and storage services to its 2.5 million customers.
The bank will offer Bitcoin and Ethereum initially, with more tokens to be added in the future. The move will allow PostFinance customers access to digital assets, tapping into Sygnum’s institutional business-to-business banking platform, which supports several cryptocurrencies and revenue-generating services like staking.
PostFinance is fully owned by the Swiss government and is the fifth-largest financial services firm in the country. The bank is known for its pro-crypto stance, having built an in-house trading and custody service and issued digital collectibles linked to physical stamps.
In 2021, it also partnered with online trading platform Swissquote to develop the Yuh mobile application, which offers access to traditional shares and stock markets, as well as over 25 cryptocurrencies.
Sygnum, the world’s first digital asset bank, is fully regulated with a Swiss banking license. The company recently inked a partnership with Ethereum scaling solution zkSync Era to provide custody options for users and build on-ramp and off-ramp infrastructure for its client base.
PostFinance’s partnership with Sygnum to provide cryptocurrency trading and storage services highlights the growing mainstream acceptance of digital assets among traditional finance users.
As reported, S&P Global is also looking for a DeFi director to oversee its expansion into the rapidly evolving decentralized finance sector, further indicating mainstream acceptance of cryptocurrencies and blockchain-based technologies.
Furthermore, Nasdaq aims to launch its crypto custody service by the end of the second quarter to meet increasing institutional interest and demand for crypto services.
Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.
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