April 19, 2024
Latest Cryptocurrency News

PostFinance and Sygnum Unveil Cryptocurrency Services for 2.5 Million Customers

In a groundbreaking move, Switzerland’s PostFinance has joined forces with crypto bank Sygnum to introduce a new retail cryptocurrency, catering to its 2.5 million customers. The initiative, launched on Wednesday, marks a significant step towards embracing digital assets as an “integral part” of the financial world.

PostFinance proudly claims the title of the “first systemically important Swiss bank” to provide regulated trading and custody services for a diverse range of eleven cryptocurrencies, including popular options such as Bitcoin and Ethereum. Leveraging Sygnum’s B2B banking platform, PostFinance aims to seamlessly integrate the cryptocurrency offering into its existing infrastructure.

Philipp Merkt, Chief Investment Officer of PostFinance, emphasized the growing importance of digital assets and the customer demand for access to this market.

“Digital assets have become an integral part of the financial world, and our customers want access to this market from PostFinance, their trusted principal bank. A reputable and established partner like Sygnum Bank with an excellent service offering is more important than ever.”

Philipp Merkt, Chief Investment Officer of PostFinance

Customers will enjoy various perks, including 24/7 access to trading and custody, the convenience of logging in from any PostFinance account online or through the app, and secure access facilitated by a trusted Swiss banking partner.

Fritz Jost, Chief B2B Officer at Sygnum Bank, highlighted the user-friendly aspect of the initiative, stating, “With this launch, PostFinance brings cryptocurrencies directly to their clients via the e-finance login or app, making crypto accessible in just a few clicks.”

PostFinance is the latest addition to the growing list of Swiss banks and international financial institutions utilizing Sygnum’s B2B platform. The platform is regulated by the Swiss Financial Market Supervisory Authority (FINMA), ensuring compliance with industry standards.

In related news, in December, smart wallet infrastructure provider Safe also collaborated with Sygnum Bank to introduce the “Safe Recovery Hub.” This suite of crypto recovery options, in partnership with UK-regulated recovery service provider CoinCover, offers users a range of solutions, including self-custodial and social recovery. Lukas Schor, Co-founder at Safe, explained that the Safe Recovery Hub allows users to optimize key recovery solutions based on their personal risk preferences. This addresses challenges in the existing complex key management systems, providing users with more recovery options.

The collaboration between PostFinance and Sygnum underscores Switzerland’s commitment to embracing the evolving landscape of digital finance, positioning the country as a pioneer in the integration of traditional banking with emerging technologies.

Image by master1305 on Freepik

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