Billion-$-bank to offer BTC, ETH, XRP and Litecoin to its customers with this new partnership

• Through the partnership with Sygnum, PostFinance customers can earn passive yields via crypto staking programs.
• The government-backed bank will offer crypto trading and storage services to its 2.5 million users.

PostFinance, one of Switzerland’s leading financial institutions, has announced a strategic partnership with Sygnum, a digital asset bank, to offer its customers a range of regulated digital asset banking services via Sygnum’s B2B banking platform. Following the partnership, PostFinance customers can trade and store leading crypto assets including but not limited to Bitcoin and Ethereum. In a statement to investors, PostFinance highlighted that there has been an expanding demand for digital assets from retail and institutional customers.

PostFinance Taps on Bitcoin and Crypto Market

Through Sygnum, PostFinance customers can tap into regulated staking products available in the market. Moreover, money flow from the traditional banking sector to the cryptocurrency industry has threatened the existence of the former. This is evident from the banking crisis that saw Credit Suisse collapse and also from three regional banks -Silvergate Capital, Silicon Valley Bank, and Signature Bank – in the United States shut down.

“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. 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 Ltd, says.

 With Sygnum Bank, PostFinance intends to scale its operations through the digital assets industry. According to Fritz Jost, Chief B2B Officer, Sygnum Bank, the partnership is a testament that the banking industry is evolving through the digital economy. Jost added: 

“Our all-in-one B2B banking platform enables our fifteen-plus B2B partner banks to expand their range of regulated digital asset services at scale and speed. We are pleased to empower PostFinance to deliver institutional-grade digital asset services to its customers. We are committed to continuously driving further innovation and positive change for the industry and our partner banks’ customers,”

Bigger Picture 

Having gone through a treacherous 2022, the cryptocurrency market is ready to go mainstream through regulated channels. Moreover, major global economies including the United States and the European bloc are discussing various ways to regulate the industry to enable safe and yet disruptive tech innovations. 

Nevertheless, some other global markets led by El Salvador, the Central African Republic, Hong Kong, and Singapore have enacted laws to welcome international crypto investors. 

In its annual financial report, PostFinance announced a profit of 190 million francs, 33 million francs down on the previous year.

With investors worried about the company’s future growth prospects, PostFinance has intentionally tapped into the crypto market.

The government-backed bank is careful not to lose its 2.5 million customers. Despite constantly raising the interest rates on savings and retirement accounts, the bank cannot keep up with the rising global inflation.

As a result, PostFinance customers can stake their savings and retirement accounts instead of just relying on interest rate hikes.

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