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- After striking a partnership with one of the country’s leading banks, PostFinance will offer digital assets to its customer base.
- The firm has partnered with Sygnum Bank to make the move happen. The move will create a new revenue stream for both PostFinance and Sygnum Bank.
A recent announcement from a Switzerland-based firm reiterates that the crypto adoption train is not slowing down anytime soon. PostFinance, the fifth largest financial service firm in Switzerland asserts that its customers will be gaining access to crypto. This was made possible after the firm partnered with Sygnum Bank, a prominent digital asset bank in the country.
PostFinance disclosed that the firm will provide its customer base with features that will allow them to buy crypto. Customers will also be able to store and sell digital currencies. As it appears, only a select few crypto assets will be offered in the initial stage.
Bitcoin (BTC) and Ethereum (ETH), are the first two assets users will land on the platform. Customers of PostFinance can expect to trade a larger variety of crypto assets as the list will reportedly be increased as time progress.
The firm boasts 2.5 million customers, out of the country’s 8.7 million population. The firm’s customer base is promising for the acceleration of crypto adoption in Switzerland. With over 2 million residents gaining access to crypto services, usage across the country is poised to skyrocket.
Apparently, customers of PostFinance have been longing for crypto to debut on the platform. Philipp Merkt, the Chief Investment Officer acknowledges this in a recent statement. Merkt asserted:
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. A reputable and established partner like Sygnum Bank with an excellent service offering is more important than ever.
A huge part of the firm’s decision to step into the crypto market was due to the consistent outflows of funds moving from retail banks. Fritz Jost, the Chief B2B Officer at Sygnum Bank, made this observation, adding that said funds were being moved to digital asset classes in the country. Jost said in an interview with Coindesk.
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We have seen banks make crypto available to their clients before, and the next thing they want is staking and so on. I can certainly confirm PostFinance has a roadmap, and it’s a case of start with buy, hold and sell to sort of grease the wheels within the organization and clients.
With PostFinance observing that millions of outflows were moved into crypt exchanges, the firm spots a huge opportunity for a new revenue stream, as it makes its way into the crypto market, Jost added.
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