How PostFinance's Move into Crypto Shows Investors Are Turning to Digital Assets as Safe Haven Options

PostFinance will begin offering its customers access to buy, store and sell Bitcoin and Ethereum in partnership with Switzerland’s Sygnum Bank.
The fact that a government-owned bank in Switzerland is now offering cryptocurrency services to its customers is a sign of the growing mainstream acceptance of cryptocurrencies.

PostFinance, the government-owned bank in Switzerland, has announced that it will begin offering cryptocurrency services to its 2.5 million customers. This move comes as more traditional financial institutions begin to embrace the crypto market, recognizing the growing demand for digital assets.

This also highlights how cryptocurrencies are increasingly being seen as a safe haven asset in times of a banking crisis.

PostFinance will initially offer its customers the ability to buy, sell, and hold Bitcoin (BTC) and Ethereum (ETH) with plans to expand its offerings in the future. The bank is partnering with a regulated cryptocurrency exchange to provide these services, ensuring that its customers can safely and securely access the crypto market.

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

PostFinance Chief Investment Officer Philipp Merkt said in a statement.

The decision to offer cryptocurrency services was driven by increasing demand from customers, particularly younger generations who are more familiar with digital assets. PostFinance recognizes that cryptocurrencies are becoming an increasingly important part of the financial landscape and wants to meet the needs of its customers.

However, PostFinance’s decision to offer cryptocurrency services is particularly significant given its government ownership. This demonstrates that the Swiss government is open to exploring the potential of cryptocurrencies and sees them as a legitimate part of the financial ecosystem.

The lightning collapse of Silicon Valley Bank (SVB) set off panic around the world. While Crypto’s banking crunch is in full swing some US regulators are still in the SVB post-mortem. Silicon Valley Bank, Signature Bank, and Silvergate Capital, “The Trio” once served as a vital tripartite of lenders happy to take deposits from crypto companies — but now they’ve all gone. The demise of the trio has left the industry with already-thin links to the established banking system with even fewer options.

Overall, this move by PostFinance represents a major step forward for the crypto industry and highlights the growing mainstream acceptance of digital assets. As more traditional financial institutions continue to enter the crypto market, we can expect to see increased innovation and growth in this exciting and rapidly-evolving industry.