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Switzerland’s PostFinance Starts Offering Crypto in Partnership With Sygnum

Tanzeel Akhtar
Last updated: | 1 min read
Switzerland and Liechtenstein
Source: iStock/Ramberg

Switzerland’s PostFinance has partnered with the crypto bank Sygnum to launch a new retail cryptocurrency for its 2.5 million customers on Wednesday, as digital assets become an “integral part” of the financial world.

In an announcement, PostFinance said is the “first systemically important Swiss bank” to launch regulated trading and custody for eleven cryptocurrencies including Bitcoin and Ethereum PostFinance will use Sygnum’s B2B banking platform, to integrate the crypto offering into its existing infrastructure.

“Digital assets have become an integral part of the financial world, and our customers want access to this market from PostFinance, their trusted principal bank. A reputable and established partner like Sygnum Bank with an excellent service offering is more important than ever,” said Philipp Merkt, chief investment officer of PostFinance in a press release.

The bank said customer perks will include access to trading and custody 24 hours a day and 7 days a week, a login from any PostFinance account online or in their app and secure access from a trusted Swiss banking partner.

“With this launch, PostFinance brings cryptocurrencies directly to their clients via the e-finance login or app, making crypto accessible in just a few clicks,” said Fritz Jost, chief B2B officer, Sygnum Bank.

PostFinance is the latest to join over 15 other Swiss banks and international financial institutions on Sygnum’s B2B platform, which provides Swiss Financial Market Supervisory Authority (FINMA) regulated digital asset services.

Sygnum Bank Crypto Recovery Hub

In December, the smart wallet infrastructure provider Safe partnered with Sygnum Bank to launch a curated suite of crypto recovery options, dubbed “Safe Recovery Hub,” as reported by Sujha Sundararajan from Cryptonews,

The service is offered in collaboration with global digital asset banking group Sygnum Bank and the UK-regulated recovery service provider – CoinCover. Per a company statement, the crypto recovery hub offers a wide range of options including self-custodial, social recovery, among others.

The service enables users to optimize a key recovery solution to fit their personal risk preferences, explains Lukas Schor, co-founder at Safe. This addresses the challenges in the existing complex key management, where users have few recovery options available.