Swiss government-owned Bank PostFinance to offer cryptocurrency trading and storage services to customers

On April 5, PostFinance, a retail bank fully owned by the Swiss government, announced its plans to offer cryptocurrency trading and storage services to its customers. The bank has partnered with Sygnum, a local cryptocurrency bank, to provide regulated digital asset banking services, allowing PostFinance customers to buy, store and sell major cryptocurrencies like Bitcoin and Ether.

The cryptocurrency services will be enabled through Sygnum’s institutional business-to-business offering, which supports a range of cryptocurrencies and revenue-generating services like staking. According to PostFinance’s chief investment officer, Philipp Merkt, the move into crypto is in response to growing demand from customers who want access to this market, 

The bank’s chief investment officer Philipp Merkt noted, stating:

“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.”

PostFinance, which is the financial services unit of Swiss Post, has been supportive of crypto in the past. It has built its own crypto custody platform and issued digital collectibles linked to physical stamps in 2021. Additionally, Swiss Post recently announced the launch of Crypto Stamp 3.0, a new crypto stamp iteration featuring physical and non-fungible token versions integrated with artificial intelligence technology, scheduled to go on sale on May 2, 2023.