PostFinance and Synnum Bank Introduce Cryptocurrency Access

04/05/2023 06:32 • AI Insights • 100 views

According to reports, PostFinance, the fifth largest retail financial institution in Switzerland, has stated that it will begin providing users with access to cryptocurrencies due to its partnership with the regulated digital asset service provider Synnum Bank.

Swiss financial institution PostFinance will provide customers with cryptocurrency services

In today’s digital age, cryptocurrencies are becoming more and more mainstream. One of the major challenges with them, however, has been their accessibility. Many traditional financial institutions have been resistant to integrating cryptocurrencies into their services. However, some have become more open to provide their users with access to digital assets, like PostFinance, the fifth largest retail financial institution in Switzerland.

Overview of PostFinance

PostFinance is a financial services company based in Switzerland. It was founded in 1906, and it is currently owned by Switzerland’s national postal service, Swiss Post. PostFinance operates in three main areas: consumer banking, institutional banking, and e-business solutions.

Partnership with Synnum Bank

PostFinance recently partnered up with Synnum Bank, a regulated digital asset service provider, to offer its clients with cryptocurrency access. Synnum Bank, which is also based in Switzerland, is a startup that specializes in providing services related to cryptocurrencies, such as trading, storage, and custody.

Goals of the Partnership

PostFinance is expected to benefit significantly from this partnership, as it will allow them to expand its product offerings and reach a new customer demographic. With Synnum Bank’s technology and know-how in the cryptocurrency industry, PostFinance will be able to provide its clients with access to several different cryptocurrencies, including Bitcoin, Ether, Litecoin, and others. This decision by PostFinance comes after other Swiss banks have already started offering cryptocurrency services, including SEBA Bank and Sygnum Bank.

Benefits of Cryptocurrency Access

The integration of cryptocurrencies with traditional banking services can bring significant benefits to clients. For one, allowing the purchase and storage of cryptocurrencies within a traditional bank account can provide users with added security. Moreover, many people are embracing the use of digital currencies as legitimate forms of payment, which can facilitate international transactions as well as provide an alternative to traditional banks.

Conclusion

The partnership between PostFinance and Synnum Bank is a clear indication of the growing acceptance of cryptocurrency among traditional financial institutions. Though other banks have already entered the space, PostFinance becoming the fifth-largest bank to offer these services is still significant. The partnership benefits both PostFinance and its clients, with the bank being able to expand its offerings and giving users more options to invest and store their wealth.

FAQs

Q: What is PostFinance?

A: PostFinance is the fifth-largest retail financial institution in Switzerland, offering banking services to individual clients, institutional clients, and e-business solutions.

Q: What is Synnum Bank?

A: Synnum Bank is a regulated digital asset service provider based in Switzerland that specializes in offering trading, storage, and custody services for cryptocurrencies.

Q: What are the benefits of cryptocurrency access through traditional banking services?

A: Offering cryptocurrency options through traditional banking accounts allows for added security and can facilitate both national and international transactions.

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