Despite crypto companies leaving the United States for more favorable jurisdictions, traditional financial institutions in other countries are increasingly entering the digital asset space. In the latest development, Swiss government-owned retail bank PostFinance has teamed up with Sygnum to offer its customers a range of regulated digital asset banking services.
Sygnum, a regulated digital asset bank based in Zurich and supervised by the Swiss Financial Market Supervisory Authority, will enable PostFinance customers to purchase, store, and sell major cryptocurrencies such as Bitcoin and Ethereum through its B2B banking platform.
By utilizing Sygnum’s platform, PostFinance will introduce this new offering into its existing infrastructure, providing customers with digital investment services that have been in high demand. The partnership will also allow PostFinance to offer new revenue-generating services, such as staking, in addition to a variety of cryptocurrencies.
As a fully regulated digital asset specialist with a Swiss banking license, Sygnum is one of the few banks in the world that can provide a secure bridge between traditional finance and digital assets. Fritz Jost, Chief B2B Officer at Sygnum Bank, is pleased to empower PostFinance to deliver institutional-grade digital asset services to their customers.
“We are committed to continuously drive further innovation and positive change for the industry and our partner banks’ customers.”
However, the news of PostFinance embracing crypto is in sharp contrast to the US crypto climate. Due to regulatory uncertainty, even the largest crypto exchange in the US, Coinbase, is considering moving a trading unit out of the country. Meanwhile, Europe has also become an attractive option for crypto companies, with Circle, a USDC issuer and fintech company, recently announcing the opening of a new office in Paris.
Featured Image Courtesy of Syndicom