Swiss state-owned bank Postfinance to offer Bitcoin trading

Swiss state-owned bank Postfinance to offer Bitcoin trading

April 5, 2023

PostFinance, a retail bank fully owned by the Swiss government, is preparing to offer cryptocurrency trading and storage services to its customers.

The PostFinance bank has partnered with the local cryptocurrency bank Sygnum to offer its customers a range of regulated digital asset banking services, the firms announced on April 5.

The partnership will specifically allow PostFinance customers to buy, store and sell major cryptocurrencies, including Bitcoin (BTC) and Ether (ETH).

The crypto services are enabled through Sygnum’s institutional business-to-business offering that provides banks with market entry to regulated and compliant digital products. The B2B network includes more than 15 partner banks and supports a “range of cryptocurrencies,” also featuring revenue-generating services like staking.

PostFinance’s move into crypto comes in response to a growing demand from its customers, 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.”

Founded in 1906, PostFinance is the financial services unit of Swiss Post, which is the national postal service of Switzerland. The public company is known for its pro-crypto stance, building its own crypto custody platform and issuing digital collectibles linked to physical stamps in 2021.

Related: Brazil bank BTG Pactual to issue USD-pegged stablecoin

The announcement on PostFinance’s crypto trading services comes shortly after Swiss Post announced the launch of Crypto Stamp 3.0, a new crypto stamp iteration featuring physical and non-fungible token versions integrated with the artificial intelligence technology. Swiss Post’s new crypto stamp is scheduled to go on sale on May 2, 2023.

PostFinance did not immediately respond to Cointelegraph’s request for comment.

Magazine: Best and worst countries for crypto taxes — Plus crypto tax tips

Source: Read Full Article