PostFinance sells Bitcoin
The Swiss PostFinance will soon be selling its customers Bitcoin and Altcoin. The fact that the country’s fifth-largest bank is now entering the young industry should be a good sign for the crypto market. The company wants to meet the demands of its own users in this way.
PostFinance is a subsidiary of Swiss Post and is therefore fully owned by the Swiss Confederation. The bank will soon be selling Bitcoin and other cryptocurrencies, as spokesmen recently shared with the Gazette CoinDesk.
However, the bank does not want to set up its own structures for this. Instead, they are planning a partnership with Zurich-based Sygnum Bank, which specializes in the crypto industry and is already working with various institutions.
A total of 2.5 million customers could gain access to the crypto market through the new offer. First you want to offer Bitcoin and Ethereum . Additional coins will follow later.
According to Fritz Jost from Sygnum Bank, PostFinance has become aware of the growing range of offers from the competition. More and more banks are establishing themselves in the crypto industry. In Germany, big names like Sparkasse and Commerzbank have already announced similar plans.
That’s why Postfinance offers Bitcoin and Altcoin
However, the company’s own customers were groundbreaking for the adoption of cryptocurrencies. Apparently, there were more and more requests for cryptocurrencies. Apparently, users prefer to trust their house bank rather than create an account with a crypto exchange.
Digital assets have become indispensable in the financial world. Our customers want access to this market from PostFinance, their trusted house bank. A reputable and established partner like Sygnum Bank with an excellent range of services is more important than ever.
Explains Philipp Merkt, head of the investment department at PostFinance. Also noticeable were the hundreds of millions of Swiss francs per year that PostFinance transferred to crypto exchanges on behalf of its customers.
The immense sums would have made the company aware that this opportunity could be used to open up further sources of income.
PostFinance became aware of a significant number of outflows in the hundreds of millions per year from crypto exchanges and the like. Not only did they see it as an opportunity to create a new revenue stream, they also realized that it has a lot to do with customer retention.
Jost explains. It is still uncertain which cryptocurrencies will ultimately be part of the PostFinance range. Those responsible have not yet made a final decision in this regard.
According to Jost, it is also conceivable that further offers will be added over time – such as staking as a service or something similar. Existing business structures are always interesting for further expansion. PostFinance already has a strategy paper.
More on the topic. Banks in Switzerland are planning «book money tokens (BGT)»
