Swiss Government-Owned Bank PostFinance to Offer Customers Crypto

PostFinance will begin offering its 2.5 million customers access to buy, store and sell bitcoin and ether, thanks to a partnership with Switzerland’s Sygnum Bank.

AccessTimeIconApr 5, 2023 at 6:00 a.m. UTC
Updated May 9, 2023 at 4:11 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

PostFinance, Switzerland’s fifth-largest financial services firm, says it will begin offering its users access to cryptocurrency, thanks to a partnership with regulated digital asset services provider Sygnum Bank.

PostFinance, which is owned by the Swiss government, will start by providing its 2.5 million customers access to buy, store and sell leading cryptocurrencies such as bitcoin (BTC) and ether (ETH), with more crypto-tokens to be added in due course.

  • Market Maker KeyRock Secures Swiss Anti-Money Laundering Clearance
    00:34
    Market Maker KeyRock Secures Swiss Anti-Money Laundering Clearance
  • Ripple Exec on CBDC Platform, Metaco Acquisition
    13:02
    Ripple Exec on CBDC Platform, Metaco Acquisition
  • Swiss Regulator: Switzerland Faced a Bank Run if Credit Suisse Was Allowed to Go Bankrupt
    07:51
    Swiss Regulator: Switzerland Faced a Bank Run if Credit Suisse Was Allowed to Go Bankrupt
  • How Credit Suisse Developments are Impacting the Crypto Market
    02:13
    How Credit Suisse Developments are Impacting the Crypto Market
  • Switzerland marches to the beat of its own drum and stands in stark contrast to places like the U.S., where a concerted effort to stamp crypto out seems to be the end goal. Crypto-focused Sygnum, which attained a banking license from Swiss regulators some four years ago, caters to a range of institutions, including Cantonal banks and private banks.

    “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,” said PostFinance Chief Investment Officer Philipp Merkt in a statement. “A reputable and established partner like Sygnum Bank with an excellent service offering is more important than ever.”

    The decision by PostFinance to branch into crypto was partly driven by outflows from retail banks in Switzerland into the digital asset class, according to Fritz Jost, chief B2B officer, Sygnum Bank.

    “PostFinance became aware of a considerable number in the hundreds of millions each year of outflows to crypto exchanges and the like,” said Jost in an interview with CoinDesk. “So they saw that this is not only as an opportunity to add a new revenue stream, but also realized that this has a lot to do with client retention.”

    Jost said a diverse range of cryptos will be certainly made available but has not been decided yet by PostFinance.

    “We have seen banks make crypto available to their clients before, and the next thing they want is staking and so on,” said Jost. “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.”

    Edited by Parikshit Mishra.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Ian Allison

    Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.