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Switzerland’s PostFinance Starts Offering Crypto in Partnership With Sygnum

Switzerland’s PostFinance has collaborated with Sygnum, a crypto bank, to introduce a new retail cryptocurrency for its 2.5 million customers on Wednesday, reflecting the increasing significance of digital assets in the financial landscape.

PostFinance, in its announcement, highlighted its distinction as the “first systemically important Swiss bank” to offer regulated trading and custody services for eleven cryptocurrencies, including Bitcoin and Ethereum. Leveraging Sygnum’s B2B banking platform, PostFinance aims to seamlessly integrate this crypto offering into its existing infrastructure.

Philipp Merkt, PostFinance’s chief investment officer, emphasized the growing demand from customers for access to the digital asset market through their trusted bank. He praised Sygnum Bank as a reputable partner with an outstanding service offering, essential for meeting this demand.

Customer benefits will encompass round-the-clock access to trading and custody services, the convenience of logging in from any PostFinance account online or through their app, and secure access through a trusted Swiss banking partner.

Fritz Jost, Sygnum Bank’s chief B2B officer, noted that this initiative enables PostFinance to provide direct access to cryptocurrencies to their clients through the e-finance login or app, simplifying the process of accessing crypto assets.

PostFinance joins a growing list of over 15 Swiss banks and international financial institutions utilizing Sygnum’s B2B platform, which offers regulated digital asset services under the supervision of the Swiss Financial Market Supervisory Authority (FINMA).

Sygnum Bank Crypto Recovery Hub

In December, Safe, a provider of smart wallet infrastructure, joined forces with Sygnum Bank to introduce a carefully curated selection of cryptocurrency recovery solutions, known as the “Safe Recovery Hub,” according to a report by Sujha Sundararajan from Cryptonews.

This collaborative service, in partnership with the global digital asset banking group Sygnum Bank and the UK-regulated recovery service provider CoinCover, offers users a diverse array of options, including self-custodial and social recovery, among others.

Lukas Schor, co-founder of Safe, explains that the service empowers users to tailor a key recovery solution to align with their individual risk preferences. This addresses the challenges associated with the current intricate key management landscape, where users often encounter limited recovery options.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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