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Swiss Government-Owned Bank PostFinance to Offer Customers Crypto

Switzerland's fifth-largest financial services firm, PostFinance, is partnering with regulated digital asset services provider Sygnum Bank to offer its 2.5 million customers access to cryptocurrency. Customers will be able to buy, store and sell leading cryptocurrencies such as bitcoin and ether, with more crypto-tokens to be added later. The decision to branch into crypto was driven by outflows from retail banks in Switzerland into the digital asset class. PostFinance's move into crypto is in stark contrast to the US, where there is a concerted effort to stamp out cryptocurrency. Sygnum Bank has a banking license from Swiss regulators and caters to a range of institutions, including Cantonal banks and private banks.

(By Ian Allison)

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