After forming a partnership with Sygnum Bank, the Swiss financial services company PostFinance will now be able to provide its 2.5 million customers with access to cryptocurrency holdings. (1)
In the beginning, customers will be able to buy, keep, and sell coins like Bitcoin and Ether. In the future, additional tokens will be introduced. The company has not yet decided which tokens will be included.
Users will have access to services that generate revenue, such as staking, while this transition is going place.
PostFinance is the banking division of the country’s national postal service. Switzerland’s fifth-largest financial services company is wholly owned by the Swiss government. PostFinance’s primary focus is on cryptocurrencies.
In August 2019, Swiss financial supervisors granted Sygnum Bank a license to operate as a bank. A wide variety of organizations, including private banks and cantonal banks, utilize the B2B banking platform that Sygnum provides services.
“Digital assets have quickly become an essential component of the global financial system, and the clients of PostFinance, their most relied-upon primary financial institution, are interested in gaining access to this market.
It is more crucial than ever to have a respectable and established partner such as Sygnum Bank that provides a great range of services, according to Philipp Merkt, Chief Investment Officer of PostFinance, quoted in a release.
Fritz Jost, the Chief B2B Officer of Sygnum Bank, explains that the outflow of capital from banks in Switzerland into the cryptocurrency business contributed to PostFinance’s decision to foray into the cryptocurrency industry.
“PostFinance became aware of a significant number, estimated to be in the hundreds of millions of dollars each year, of withdrawals of funds to cryptocurrency exchanges and other such businesses.
They not only viewed this as a potential to add a fresh source of income, but they also recognized that this has a lot to do with retaining existing customers. As a result, they saw this as an opportunity.
In contrast to the greater regulatory oversight and action being taken in other regions of the world, such as the United States, Switzerland’s position on digital assets remains unchanged.
Crypto Stamp 3.0
Swiss Post, the country’s postal service, revealed this week that it would issue its third edition of “crypto stamps” on the first of the next month. Later on in the year, an exclusive edition will also be put up for public bidding.
The collection, which will be known as Crypto Stamp 3.0, will be available in both tangible and non-fungible token (NFT) forms.
This most recent iteration will also incorporate artificial intelligence (AI). It will be available for purchase on May 2, 2023, at 7:30 in the morning.
Participants of Swiss Digital Days 2022, a sequence of community events that ran through early September to late October of the previous year, used AI to design the crypto stamps.
Throughout this month, Swiss Post will progressively display the various iterations of the crypto stamps that have been produced.
Image Source : (1.1)