Switzerland: Sygnum Enters Crypto Partnership with Over 20 Banks
Sygnum, the global digital asset group, has recently formed a partnership with more than 20 banks, bringing regulated crypto services to a third of the Swiss population. The B2B banking platform of Sygnum Bank announced this collaboration with various international financial institutions, enabling a significant portion of Switzerland to access crypto services in a regulated manner. Among the 20 B2B partners are well-known names such as PostFinance, ZugerKB, LuzernerKB, VZ Depotbank, PKB, SocGen Forge, Bordier, and Bison Digital Assets. These partnerships cover a wide range of banks, including systemically important and cantonal banks, as well as universal, private, and retail financial institutions.
The collaboration aligns with the MiCAR (Markets in Crypto-Assets Regulation) regulation, facilitating the growth of the crypto sector across a bloc of 27 countries. Sygnum’s secure infrastructure and scalable APIs make it possible to execute over 1,000 B2B transactions per day, with 99.9% of them being automatically processed within seconds.
Fritz Jost, Chief B2B Officer of Sygnum Bank, emphasized the role of Exchange-Traded Funds (ETFs) for Bitcoin and Ethereum in legitimizing digital assets and enhancing investor confidence. He also highlighted the importance of solid regulatory frameworks in ensuring security and compliance. Jost expressed excitement about Sygnum’s expanding network of B2B partners and its potential to integrate regulated digital asset services into the traditional financial system.
Alexander Thoma, Head of Digital Assets at PostFinance, emphasized the long-term presence of cryptocurrencies as an investment option and the partnership’s role in providing secure and convenient access to digital assets for their clients. Thoma expressed a commitment to continue collaborating with Sygnum and becoming the primary trust bridge for digital assets in Switzerland.
In February 2024, PostFinance and Sygnum Bank jointly launched a crypto product, offering cryptocurrency custody to 2.5 million customers.
This partnership between Sygnum and multiple banks highlights the increasing openness of Swiss banks to the crypto sector. The Swiss National Bank (SNB) recently extended its wholesale central bank digital currency pilot, known as Project Helvetia III, for at least two more years. This move has been seen as a positive development for the Swiss digital finance ecosystem. Additionally, the Swiss bank Relio announced its crypto-friendly approach and willingness to serve Web3 companies. Relio now offers fiat payment accounts with Swiss IBANs for Web3 companies and aims to provide regulated solutions for blockchain, cryptocurrencies, and all Web3 systems.