Sygnum, the global digital asset group, has formed a new partnership with over 20 banks, offering a third of the population of Switzerland its regulated crypto services.
Switzerland: Sygnum and 20 other banks together to offer crypto services
The B2B banking platform of Sygnum Bank has announced that it has formed a new partnership with over 20 banks and international financial institutions.
Now, a third of the population of Switzerland has access to its crypto services in a regulated manner.
Among the 20 B2B partners are PostFinance, ZugerKB, LuzernerKB, VZ Depotbank, PKB, SocGen Forge, Bordier and Bison Digital Assets.
These industry leaders represent the entire industrial spectrum, from systemically important and cantonal banks to universal, private, and retail financial institutions.
Supporting the regulatory aspect of this strategic partnership is the MiCAR (Markets in Crypto-Assets Regulation) regulation, which paves the way for further growth of the crypto sector in the block of 27 countries.
The secure infrastructure and scalable APIs of Sygnum allow for over 1,000 B2B transactions per day, 99.9% of which are executed automatically within seconds.
Switzerland: Sygnum together with 20 banks to extend the adoption of crypto
In this regard, Fritz Jost, Chief B2B Officer of Sygnum Bank, said:
“The introduction of multiple Exchange-Traded Funds (ETF) for #Bitcoin and #Ethereum has played a leading role in legitimizing the two main digital assets, strengthening investor confidence in the broader asset class. The solid regulatory frameworks have also ensured higher standards of security and compliance, paving the way for further integration of regulated digital asset services into the traditional financial system.
Thanks to our growing network of B2B partners, Sygnum is now able to expand and accelerate this trend through its regulated and reliable platform.”
Also Alexander Thoma, Head of Digital Assets at PostFinance, made a statement:
“Cryptocurrencies offer an additional investment option and are here to stay. The collaboration with a regulated partner like Sygnum Bank has allowed our clients to access digital assets through their main bank in a secure and convenient way, 24/7. We look forward to continuing the partnership with Sygnum and becoming the main bridge of trust for digital assets in Switzerland”.
And speaking of PostFinance and Sygnum Bank, the two institutions would have already launched a crypto product together last February 2024. It is the offering of cryptocurrency custody for 2.5 million customers.
The opening of Swiss banks to the crypto sector
Only in this month of June, there have been two other important news items that highlight the opening of Swiss banks to the crypto sector.
In fact, the Swiss National Bank (SNB) has announced the extension of Project Helvetia III, its wholesale central bank digital currency pilot (or CBDC).
This extension of at least two years of the project has been commented on as a positive development for the Swiss digital finance ecosystem.
Not only that, the Swiss bank Relio announced this month that it has become crypto-friendly and open to Web3 companies.
In practice, Relio has started offering Web3 companies the possibility to open fiat payment accounts with Swiss IBANs. Not only that, Relio has also stated that it will provide a new and regulated solution for all those who operate with blockchain, cryptocurrencies, and all Web3 systems.