Subsidiary of the Swiss Post, PostFinance signs a partnership with Sygnum Bank to propose a crypto service to its 2.5 million customers, who will be able to buykeep and sell BTC and ETH.
If in France the legislator, with the support of the government, has taken the decision to ban crypto influencers, the Swiss authorities are less restrictive towards access to crypto-assets by individuals.
State-owned via Swiss Postthe fifth largest financial institution announces the launch of a new crypto offer. PostFinance was indeed planning to offer its 2.5 million customers to buy Bitcoin and Ethereum.
Sygnum gateway between crypto and tradFi
To offer this new financial service, PostFinance is partnering with a regulated digital asset player, Sygnum Bank, and will thus leverage its B2B platform. The partnership is in response to customer demand for crypto.
A fully regulated digital asset specialist with a Swiss banking license, Sygnum is one of the few banks in the world that can offer a secure bridge between traditional finance and digital assets,” Sygnum Bank claims.
By leveraging the bank’s solution, retail customers of PostFinance will therefore be able to buy, sell and keep tokens. For the moment, the tokens are limited to ETH and BTC. However, the subsidiary of the Post Office is already planning to add other crypto-currencies in the future.
The crypto “ integral part of the financial world “
The nature of these tokens and the date of their availability have yet to be defined. What is certain, however, is once again the particularity of the Switzerland in the global crypto ecosystem.
If in its neighbors, crypto-currencies are pointed out by the authorities and central bankers, they are considered by their Swiss counterparts with less a priori. This is confirmed by Philipp Merkt, Chief Investment Officer of PostFinance SA.
Digital assets have become an integral part of the financial world and our customers want to access this market through PostFinance, their trusted main bank.”
Credit Mutuel chairman blasts cryptocurrencies
And the Swiss institution intends to play its role with its customers, but without developing its own expertise in the crypto sector.
Philipp Merkt adds, “It is more important than ever to have a reputable and established partner like Bank Sygnum, which offers excellent services.
In France, Nicolas Théry, President of the French banking group Crédit Mutuel holds a radically different discourse.
The bank has a duty to advise, and I’m proud that we’ve always told our clients not to go there,” he says.
“ Advocating for cryptocurrencies is like supporting the Russian Wagner militias against the armies of the republic. It is an attempt to privatize a common good,” he continued. Swiss bankers will appreciate the comparison.
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