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- The crypto development coming from Switzerland, a European country experiencing banking crises, has attracted attention.
- According to information from PostFinance, the fifth largest financial services company owned by the Swiss government, steps will be taken to provide crypto services.
Crypto Attack from the Swiss Government’s Bank!
PostFinance, fully owned by the Swiss government, will start providing its 2.5 million customers with access to buy, store, and sell major cryptocurrencies such as Bitcoin
— CoinOtag EN (@coinotagen) April 5, 2023
Sygnum, a crypto-focused company that obtained a banking license from Swiss regulators about four years ago, provides services to a range of institutions, including cantonal banks and private banks.
Philipp Merkt, Chief Investment Officer of PostFinance, said in a statement,
“Digital assets have become an integral part of the financial world, and our customers want to access this market at PostFinance, their trusted main bank. A reputable and established partner like Sygnum Bank, which provides excellent service, is more important than ever.”
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According to Fritz Jost, B2B President of Sygnum Bank, PostFinance’s decision to move into the crypto currency was partly due to the exits from retail banks to the digital asset class in Switzerland. Jost said in an interview:
“PostFinance has noticed that there are hundreds of millions of significant exits to crypto exchanges and the like every year. They realized that this was not just an opportunity to add a new revenue stream, but also had a lot to do with retaining customers.”
Jost said that a wide variety of cryptos will definitely be made available, but PostFinance has not yet made a decision. Jost said, “We have seen banks offer cryptocurrencies to their customers before, and the next thing they want is staking and the like.”