PostFinance of Switzerland Teams Up with Sygnum Bank to Roll Out New Cryptocurrency Service

As the fifth-largest financial institution in Switzerland, this government-owned entity is stepping into the cryptocurrency arena through an innovative partnership with a leading provider of digital asset services. PostFinance Starting tomorrow, PostFinance will allow its 2.5 million customers to engage with 11 prominent cryptocurrencies, including major players like Bitcoin (BTC) and Ethereum (ETH). Sygnum Bank These services will be available with an entry point of just $50, accessible around the clock via the PostFinance online platform or their mobile app.

Unlike other major banks such as UBS, Raiffeisen Group, and Zürcher Kantonalbank, PostFinance becomes the first systematically significant bank to embrace cryptocurrency services. Although it primarily acts as a broker rather than a direct lender, it serves a vital role as a deposit-holding institution with CHF 95 billion in consumer deposits, prompting the need for strategic partnerships.

Unlike other Swiss The decision by PostFinance to venture into the world of cryptocurrency was at least partly driven by noticeable withdrawals from traditional retail banks in favor of digital assets. According to Fritz Jost, Chief B2B Officer at PostFinance, the institution witnessed substantial outflows totaling hundreds of millions of dollars directed towards crypto exchanges and recognized this new service as a critical strategy for enhancing revenue while retaining existing clients.

Despite initiating their partnership with Sygnum last year to develop a retail cryptocurrency offering, the official service launch is finally happening now. Sygnum Bank While substantial retail cryptocurrency services are still a rarity, Germany's second-largest bank, DZ Bank, has announced plans to pilot a cryptocurrency trading platform within the year.

This institution, serving 737 cooperative lenders, intends to facilitate investment in various digital assets for customers who wish to invest 'without guidance.' With total assets amounting to $627 billion, the bank from Frankfurt is ready to venture into the cryptocurrency arena.

European Banks Enter Crypto Market

PostFinance's entry into the crypto market alongside Sygnum marks a pivotal moment for Switzerland's financial sector, addressing the growing appetite for digital currencies.

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Alisa, a passionate journalist at Cryptocurrencylistings, focuses on cryptocurrency, zero-knowledge proofs, investment trends, and the dynamic world of Web3. With an acute awareness of emerging technologies, she provides insightful analysis and coverage to connect with readers navigating the fast-paced landscape of digital finance.