Swiss State-Backed Bank PostFinance Announces To Offer Crypto Services: Al You Need To Know

PostFinance’s customers will be able to buy, store, and sell leading cryptocurrencies such as Bitcoin and Ethereum soon.

PostFinance had earlier teased its entry into the crypto sector.

Source : Getty

Switzerland state-backed bank PostFinance has announced to offer crypto-related services to its customers. It is one of the largest retail banks in the country that will be taking the help of the banking platform set up by the Swiss-licensed digital asset bank Sygnum. The financial services branch of the national postal service will use the B2B operations option to achieve its objectives. The collaboration between both financial institutions will ensure the launch and expansion of all bank-grade products and services for digital assets, which are under proper regulation.

The fintech company said in its official announcement, as quoted by Bitcoin.com, "PostFinance’s customers will be able to buy, store and sell leading cryptocurrencies such as Bitcoin and Ethereum.

Sygnum said PostFinance has conducted a proper analysis of the needs and requirements of its customers when it comes to investing. It has found that there is a very strong demand fro digital investment services in the country.

The bank's Chief Investment Officer Philipp Merkt said, "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,” as quoted by Bitcoin.com.

Sybnum's B2B banking platform will allow the Swiss state-backed financial institution to integrate the new offering into its prevalent system, reported Bitcoin.com.

The Fintech organisation has a Swiss license and a Singapore asset management license as well. And it is one of the very few banks in the world that is under complete regulation. It has the ability to provide a stable bridge between traditional finances and digital assets matters.

Sygnum said it will help its partners in entering the crypto industry in cost-efficient methods. And this will be done only with regulation-compliant products. Sygnum's B2B CEO Fritz Jost has said the company is already on working terms with more than 15 partner banks in the country.

PostFinance's current move is not very new as it announced in July 2022 that it plans to enter the crypto services market soon.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.