Lately, PostFinance, the major Swiss-based financial institution, in collaboration with Sygnum Bank, has launched a crypto custody offering for 2.5 million customers. Let’s see all the details below.
Switzerland: PostFinance creates new opportunities in the crypto custody landscape
As anticipated, PostFinancea leading Swiss financial institution, will launch a new and innovative crypto custody offering in collaboration with We sucka global banking group specializing in digital assets.
This partnership aims to provide digital asset services through Sygnum’s B2B banking platform.
Sygnum Bank’s B2B banking platform offers the possibility to launch initiatives such as PostFinance and continuously expand regulated products and services of bank-grade digital assets.
PostFinance, with over 2.5 million customers, becomes the first systemically important Swiss bank to introduce regulated trading and custody for 11 cryptocurrencies, including Bitcoin ed Ethereum.
Thanks to Sygnum’s B2B banking, over a quarter of the Swiss population and more than 15 partner banks and international financial institutions will be able to take advantage of innovative and secure cryptocurrency products at low costs.
PostFinance’s goal is to offer secure access to cryptocurrency markets at favorable conditions for its 2.5 million customers.
Which manage over 100 billion Swiss francs in assets and carry out 1.3 billion payment transactions every year.
Access to the 11 cryptocurrencies will be available starting from USD 50, covering custody, trading and even savings plans in cryptocurrencies.
PostFinance has seamlessly integrated its cryptocurrency offering into its existing infrastructure by leveraging Sygnum’s B2B banking platform.
Customer benefits include access to 24/7 trading and custody, a login from any PostFinance online account or its app, and secure access through a trusted Swiss banking partner.
Simplified access to digital assets
This initiative sees PostFinance join over 15 other Swiss banks and international financial institutions on Sygnum’s B2B platform, which offers regulated digital asset services. FINMA continuously via a single, reliable API.
This collaboration enables banks to make their offerings future-resilient and capture a greater share of wallet from existing customers.
Furthermore, it allows them to improve their competitive position, paving the way for new future services such as staking.
The launch of this initiative follows Sygnum’s fundraising of over $40 million, with Azimut Holding as a lead investor and global asset manager.
In 2023, Sygnum posted strong financial and operational performance, ending the year with annualized revenue of more than $100 million and positive cash flow in the fourth quarter.
Philipp notes, Chief Investment Officer of PostFinance Ltd, declares that digital assets are now an integral part of the financial landscape.
He says customers want to access this market through PostFinance, their bank of choice. The presence of an established partner like Sygnum Bank, known for its excellent service offering, is more crucial than ever.
Fritz Jost, Sygnum Bank’s Chief B2B Officer, adds that Sygnum’s B2B banking offers the ability for over 15 B2B partner banks to provide regulated digital asset services at scale and speed.
Sygnum is excited to enable PostFinance to offer institutional-grade digital asset services to its customers.
With this launch, PostFinance makes cryptocurrencies easily accessible to its customers via the e-finance login or app, simplifying the digital asset management experience in just a few clicks.
Source: https://cryptonomist.ch/2024/02/20/svizzera-postfinance-custodia-crypto/
