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Swiss crypto bank Sygnum onboards 20 lenders to broaden crypto access

swiss-crypto-bank-sygnum-onboards-20-lenders-to-broaden-crypto-access
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Swiss crypto bank Sygnum onboards 20 lenders to broaden crypto access

Switzerland-based crypto bank Sygnum has expanded its list of supported banks, adding PostFinance, ZugerKB, LuzernerKB, and VZ Depotbank among others.

Sygnum, a crypto-friendly bank catering to institutional and professional investors, has achieved another milestone, with its list of supported clients for business-to-business (B2B) services surpassing 20 entities.

In a Jun. 27 blog announcement, the Zurich-headquartered bank stated that the expansion allows its bank clients to enhance their end-client services, including purchasing, transferring, and holding crypto. As Sygnum’s list of supported financial lenders now includes PostFinance, ZugerKB, LuzernerKB, VZ Depotbank, PKB, SocGen Forge, and others, the bank claims that a “third of the Swiss population” can now buy, hold, trade, earn and transfer crypto.

Sygnum also revealed that 61% of PostFinance customers who bought crypto after their launch with Sygnum in February 2024 “were not only first-time crypto investors, but also first-time investors in any asset class at PostFinance.”

Fritz Jost, Sygnum’s chief B2B officer, attributes the high acceptance of crypto-related services among financial institutions in Switzerland to regulatory changes in the U.S., noting that the introduction of multiple exchange-traded funds (ETFs) for spot Bitcoin and Ethereum “played a prominent part in legitimizing the two leading digital assets—bolstering investor confidence in the broader asset class.”

The Swiss crypto bank states that Switzerland’s population surpassed the 20% crypto adoption mark last year, the highest in Europe and “more than double the level of the U.K., Germany, and France.” Launched in 2017, Sygnum raised over $40 million at a valuation of about $800 million in early 2024 in a funding round led by asset manager Azimut Holding.