One of Switzerland’s financial institutions, PostFinance, has announced plans to offer its users access to cryptocurrencies, thanks to a collaboration with regulated digital asset services provider Sygnum Bank.
As Ian Allison reported for CoinDesk earlier today, PostFinance, which is wholly owned by the Swiss government, will initially provide its 2.5 million customers the ability to purchase, store, and sell prominent cryptocurrencies like bitcoin (BTC) and ether (ETH), with plans to include more crypto tokens in the future.
Switzerland’s approach to crypto significantly differs from countries like the U.S., where efforts to suppress the crypto market appear to be the primary objective. Sygnum, a crypto-focused bank that secured a banking license from Swiss regulators four years ago, serves various institutions, including Cantonal and private banks.
Philipp Merkt, PostFinance’s Chief Investment Officer, said in a statement,
“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.”
He added that partnering with a reputable and established institution like Sygnum Bank is more important than ever.
Fritz Jost, Chief B2B Officer at Sygnum Bank, explained that PostFinance’s decision to enter the crypto space was partly driven by the outflows from Swiss retail banks into digital assets.
Jost told CoinDesk,
“PostFinance became aware of a considerable number in the hundreds of millions each year of outflows to crypto exchanges and the like.”
He believes this move will not only create a new revenue stream but also help retain clients. Although PostFinance plans to offer a diverse range of cryptos, the exact selection has yet to be determined.