Switzerland-based crypto bank Sygnum has expanded its list of supported banks, adding PostFinance, ZugerKB, LuzernerKB, and VZ Depotbank among others.
Sygnum, a bank in Switzerland known for its crypto-friendly services tailored to institutional and professional investors, has achieved a significant milestone. They have broadened their clientele for business-to-business (B2B) services, exceeding 20 entities.
In a recent blog post on Jun. 27, the bank, headquartered in Zurich, announced the expansion, enabling its bank clients to elevate their services for end clients. This includes facilitating activities such as buying, transferring, and holding crypto assets. With the inclusion of entities like PostFinance, ZugerKB, LuzernerKB, VZ Depotbank, PKB, SocGen Forge, and others, Sygnum claims that approximately a third of the Swiss population now has access to purchasing, holding, trading, earning, and transferring cryptocurrencies.
The bank also disclosed that 61% of PostFinance customers who engaged in cryptocurrency transactions after collaborating with Sygnum in February 2024 were not just entering the realm of crypto investments for the first time but were also new to investing in any asset class through PostFinance.
Fritz Jost, the chief B2B officer at Sygnum, attributes the increasing acceptance of crypto-related services within financial institutions in Switzerland to regulatory modifications in the U.S. He specifically highlights the approval of various exchange-traded funds (ETFs) for spot Bitcoin and Ethereum as a pivotal factor in legitimizing these prominent digital assets, thereby enhancing investor trust in the wider asset class.
According to the Swiss crypto bank, Switzerland surpassed the 20% mark for crypto adoption last year, establishing the highest adoption rate in Europe, which is more than double that of the U.K., Germany, and France. Sygnum, founded in 2017, successfully secured over $40 million in funding at an $800 million valuation early in 2024, led by asset manager Azimut Holding, to facilitate its expansion and potential acquisitions.
