Swiss State-Owned Bank Postfinance Will Trade Bitcoin

Swiss Post, which owns PostFinance, is known for being pro-crypto. It is building its own crypto custody services and putting out collectible crypto stamps.

PostFinance is a retail bank that is fully owned by the Swiss government. It is getting ready to let its customers trade and store cryptocurrencies.

The PostFinance bank and the local cryptocurrency bank Sygnum announced on April 5 that they are working together to offer their customers a range of regulated digital asset banking services.

Customers of PostFinance will be able to buy, store, and sell major cryptocurrencies, such as Bitcoin BTC and Ether ETH, thanks to this partnership.

Sygnum’s institutional business-to-business offering gives banks access to compliant, regulated digital products, enabling crypto services. Staking and a “variety of cryptocurrencies” are supported via the B2B network, which has over 15 partner institutions.

Philipp Merkt, the bank’s chief investment officer, said that PostFinance’s move into crypto is in response to a growing demand from its customers.

“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 has been around since 1906. It is part of Swiss Post, which is Switzerland’s national mail service. The public company is known for being pro-crypto. It is building its own crypto custody platform and will start selling digital collectibles linked to physical stamps in 2021.

Swiss Post launched Crypto Stamp 3.0, a new crypto stamp with physical and non-fungible token versions coupled with artificial intelligence, just before PostFinance unveiled its crypto trading services. On May 2, 2023, the new crypto stamp from Swiss Post will go on sale.