Swiss Bank to Enable Crypto Trading for 2.5 Million Clients
PostFinance Bank, one of Switzerland's largest retail banks, has partnered with Sygnum Bank, a digital bank, to provide crypto trading services to its 2.5 million customers.
The partnership will enable PostFinance’s customers to buy, sell, and store popular cryptocurrencies such as Ethereum and Bitcoin.
The move is seen as a response to the growing demand for digital asset investments among banks’ customers, including non-fungible tokens (NFTs).
PostFinance’s CIO, Philipp Merkt, has acknowledged the growing significance of digital assets in the financial world, stating that “our customers want access to this market at PostFinance, their trusted principal bank.”
He believes partnering with a reliable and well-established institution like Sygnum Bank, which offers excellent service, has become more critical than ever.
Switzerland is leading the way in crypto adoption, with PostFinance Bank joining other banks to address the surging demand for digital asset investments. Liechtenstein’s VP Bank recently partnered with Metaco to provide its clients with digital assets custody and tokenization services.
Meanwhile, Germany’s largest banks, DekaBank and DZ Bank, have partnered with Metaco to offer crypto custody services to institutional clients. N26, the Neobank, has also expanded its crypto trading services to various European countries, including Switzerland, Germany, Ireland, Belgium, and Portugal.
The developments in Europe come as Bitcoin’s price has risen by more than 70% since January 2023, indicating a growing interest in cryptocurrencies as an investment asset class.