PostFinance, the banking division of SwissPost, has partnered with digital asset bank Sygnum to offer retail customers the ability to buy cryptocurrencies. PostFinance is one of the largest retail banking providers in Switzerland. It already offers a crypto service to its clients via Swissquote, so this is a switch.
News outlet Swissinfo reported last year that PostFinance was considering taking the crypto offering in-house and wanted to provide a direct offering.
Sygnum says its B2B banking platform will be integrated into PostFinance’s existing infrastructure and will allow PostFinance to offer staking services as well as trading cryptocurrencies.
“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,” said Philipp Merkt, Chief Investment Officer of PostFinance Ltd. “A reputable and established partner like Sygnum Bank with an excellent service offering is more important than ever.”
This is Sygnum’s 15th B2B banking partnership.
Sygnum was initially founded in 2019 in collaboration with another state-owned enterprise Swisscom and the Deutsche Börse. Early in 2022, it raised $90 million in funding led by Hong Kong investment firm Sun Hung Kai & Co. Existing backing from institutions includes Japan’s SBI and Siam Commercial Bank’s SCB 10X. Apart from being regulated in Switzerland, Sygnum’s Singapore subsidiary has a capital markets license.
