Switzerland’s PostFinance, the fifth-largest financial services firm, has partnered with Sygnum Bank to offer Bitcoin (BTC) and Ethereum (ETH) to its 2.5 million customers. PostFinance clients will be able to buy, store, and sell the two leading cryptocurrencies, with other digital assets to be added gradually.
The partnership between PostFinance and Sygnum Bank represents a collaboration between two entities that are committed to providing innovative financial solutions to their clients. It remains to be seen how successful the crypto services will be, but it is clear that traditional banks are beginning to take cryptocurrencies seriously as a legitimate asset class.
The move follows the trend of traditional banks exploring the incorporation of crypto services amidst the decline of several traditional banking institutions. Sygnum Bank, PostFinance’s partner, obtained a banking license from Swiss authorities almost four years ago.
PostFinance’s Head of Investment Products, Thomas Merz, expressed his excitement for the crypto-friendly initiative, stating that the decision to offer crypto services aligns with the bank’s customer-focused approach. The announcement comes as an increasing number of banks worldwide have started to embrace cryptocurrencies, either by offering crypto services to clients or by investing in digital assets themselves.