Wants To Offer Cryptocurrencies To Customers, Swiss Financial Unit PostFinance Collaborates With Sygnum Bank
JAKARTA The Swiss government's financial services unit, PostFinance, is reportedly partnering with digital asset service provider Sygnum Bank. This partnership aims to offer cryptocurrency trading and storage services to its customers.
Through this partnership, the Swiss state-owned bank will provide access to its 2.5 million customers to buy, sell and store Bitcoin (BTC) and Ethereum (ETH). BTC and ETH are the two largest cryptocurrencies in the world. The plan is that not only the two cryptocurrencies, but banks are also expected to add more types of tokens in the future.
According to The Crypto Basic report, Sygnum Bank will provide banking platform B2B to financial institutions, allowing these banks to enter the crypto market in a regulated and regulatory manner. Sygnum's B2B network includes more than 15 partner banks and supports "manifold cryptocurrencies", including revenue-generating services such as staking.
PostFinance, which is wholly owned by the Swiss government, is one of the largest financial services companies in the country. The company is known for its pro-crypto stance and has built in-house trading and storage services, as well as publishing digital collections connected to physical stamps.
In 2021, PostFinance is also partnering with the Swiss quote online trading platform to develop the Yuh mobile app, which provides users with access to traditional stocks, stock markets, and more than 25 cryptocurrencies.
Sygnum Bank, which describes itself as the world's first digital asset bank, is fully regulated by a Swiss banking license. Earlier this year, Sygnum announced a partnership with Ethereum ZkSync Era's scaling solution. This collaboration will be implemented in several areas, including proof-of-solvency solutions, providing storage options for zkSync Era users through a validator node run by Sygnum on protocols, and building on-ramp and off-ramp infrastructure for Sygnum's client base.
PostFinance's action in offering crypto exposure to its 2.5 million customers could accelerate cryptocurrency adoption by traditional financial users. S&P Global is also looking for DeFi directors to oversee its expansion into the fast-growing decentralized financial sector. Nasdaq also plans to launch crypto storage services at the end of the second quarter to meet institution's interest and demand for crypto services.