As a researcher with a background in finance and digital assets, I’m excited to see Sygnum, a Switzerland-based crypto bank, expanding its network of supported financial institutions. This expansion is significant because it allows more institutions to offer their clients the ability to buy, hold, transfer, and trade cryptocurrencies.
Switzerland’s crypto bank Sygnum has broadened its roster of partner banks, incorporating PostFinance, ZugerKB, LuzernerKB, and VZ Depotbank into the mix.
As a crypto investor, I’m excited to share that Sygnum, the crypto-friendly bank that serves institutional and professional investors like myself, has reached an impressive new milestone. Now, more than 20 entities are utilizing their B2B services – a significant growth that speaks to the increasing demand for secure and reliable digital asset solutions in the business world.
In their blog post on June 27th, the Swiss bank based in Zurich revealed that they have expanded their services to enable more clients to improve their offerings to end-users. With Sygnum’s growing roster of financial partners such as PostFinance, ZugerKB, LuzernerKB, VZ Depotbank, PKB, SocGen Forge, and others now on board, approximately one-third of the Swiss population can now buy, hold, trade, earn interest on, and transfer cryptocurrencies.
“According to my analysis of the data disclosed by Sygnum, approximately two-thirds (61%) of their new PostFinance crypto customers who made their initial crypto purchases through Sygnum in February 2024 were not only crypto novices but also first-time investors with PostFinance as a whole.”
As a crypto investor, I’ve noticed an impressive uptake of cryptocurrency-related services among Swiss financial institutions. According to Fritz Jost, Sygnum’s B2B chief officer, this trend can be attributed to significant regulatory shifts in the U.S. He points out that the approval of numerous Bitcoin and Ethereum exchange-traded funds (ETFs) has played a pivotal role in legitimizing these two leading digital assets. This, in turn, has bolstered investor confidence in the broader crypto asset class.
The Swiss cryptocurrency bank reports that Switzerland’s population reached a 20% crypto adoption rate last year, making it Europe‘s leader and over twice the rate of the U.K., Germany, and France. Founded in 2017, Sygnum secured over $40 million during an early 2024 funding round with Azimut Holding leading at a valuation of approximately $800 million.
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2024-06-27 13:48