Swiss Bank Announces Bitcoin, Ethereum Service To Clients

Sahana Kiran
Bitcoin Ethereum
Source – Unsplash

Amidst the downfall of several traditional banks, few institutions have been contemplating the incorporation of crypto services. A prominent Swiss government-backed bank, PotsFinance has now joined the list. According to a report, bank users will be allowed to buy, store, and even sell Bitcoin [BTC] as well as Ethereum [ETH].

It should be noted that this plan has come to fruition following its partnership with Sygnum Bank. This bank garnered a banking license from Swiss authorities nearly four years ago. As an experienced and regulated digital asset services provider, Sygnum Bank’s latest partnership will ease things out for PostFinance. PostFinance Chief Investment Officer, Philipp Merk said,

“A reputable and established partner like Sygnum Bank with an excellent service offering is more important than ever.”

Currently, Switzerland’s fifth-largest financial services firm, PostFinance will be offering only two prominent assets to its 2.5 million customers. Other cryptocurrencies will be added gradually with Bitcoin and Ethereum. Merkt further addressed this crypto-friendly initiative and said,

“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.”

Why does this Swiss government-backed bank have eyes on Bitcoin?

The development might have not been an abrupt decision after all. Alongside the emergence of digital assets, the increased number of outflows from retail banks into crypto in the region was noted by PostFinance. Fritz Jost, Chief B2B Officer at the Sygnum Bank suggested that the “hundreds of millions each year of outflows” to exchanges prompted the Swiss bank’s move. Jost added,

“So they saw that this is not only as an opportunity to add a new revenue stream, but also realized that this has a lot to do with client retention.”

Additionally, Jost also believed that there is room for expansion. He articulated how banks can start by making crypto available to clients. This will further progress to “staking and so on.” Nevertheless, the Swiss bank’s latest move is expected to further drive the adoption of crypto in the region.

Previous Post

Shiba Inu: 3500 Users Predict SHIB’s Price For April 2023

Next Post

Cash App Creator Bob Lee Passes Away After Incident