Swiss State Bank PostFinance Launches Custody and Trading Services for Five Cryptocurrencies
Date: 2024-07-03 Author: Oliver Abernathy Categories: BUSINESS
Swiss state-owned bank PostFinance, which serves more than 2.5 million clients, is expanding its cryptocurrency services. Now the bank's clients can use the services of storing and trading five new cryptocurrencies: XRP, ADA, SOL, AVAX and DOT. This became possible thanks to the strategic cooperation with Sygnum Bank, which began in April 2023.
In April 2023, PostFinance entered into an agreement with Sygnum Bank, which provides a B2B platform for crypto services. This partnership allowed PostFinance clients to buy, store and sell Bitcoin (BTC) and Ether (ETH) using the Sygnum platform.
Expansion of Services
Support for new crypto assets such as XRP, ADA, SOL, AVAX and DOT was the next step in the development of the bank’s cryptocurrency services. PostFinance management explained this step by the growing interest in the blockchains on which these cryptocurrencies operate.
According to the analytical company Santiment, at the end of 2023, the Cardano (ADA) network showed impressive activity, which contributed to the growth of the price of this cryptocurrency. This confirms the growing interest in new blockchain technologies and related digital assets.
Cardano Founder Comments
Charles Hoskinson, founder of Cardano, commented on the addition of ADA to the list of tradable cryptocurrencies of PostFinance bank. He noted:
“Fun fact: when I was at Ethereum, PostFinance was one of our first banking partners. It was always easy and pleasant to work with him.”
PostFinance is not the only bank in Switzerland that provides services related to digital assets to clients. A few years ago, the local branch of the Spanish bank BBVA offered private clients storage and trading services for ether and bitcoin. The move highlights the growing trend of integrating cryptocurrency services into traditional banking systems.
The expansion of PostFinance's cryptocurrency services is an important step in the development of banking technology and responds to the growing demand for digital assets. The collaboration with Sygnum Bank and the addition of support for new cryptocurrencies demonstrates PostFinance's commitment to keep pace with innovation and provide modern financial solutions to its clients.
