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PostFinance, a Swiss state bank, has announced the launch of cryptocurrencies for its customers.
On January 16, PostFinance announced which has expanded its cryptocurrency trading and custody solution to include staking. The bank will offer staking in ethereum (eth) and plans to extend the service to other cryptocurrencies in the future.
PostFinance's move positions it alongside other major banks that offer crypto staking, allowing its customers to earn passive income from their eth deposits. Customers will be able to access eth staking through the bank's PostFinance and e-finance app.
This development comes almost a year after the bank added support for cryptocurrency trading and custody through a partnership with FINMA-regulated digital asset platform Sygnum. PostFinance and Sygnum announced their partnership in February 2024. Meanwhile, Sygnum offers crypto staking for coins such as eth, XTZ, and ADA.
Commenting on the betting service, Dr. Alexander Thoma, Head of Digital Assets at PostFinance, said:
“The 'staking' service is based on 'native staking', which takes place directly on the ethereum blockchain and therefore offers maximum transparency and security.”
Notably, PostFinance has integrated the staking service with its existing offerings, allowing customers to view their accumulated staking rewards alongside their crypto assets.
In September 2024, Zurich Cantonal Bank, the fourth largest bank in Switzerland, entered the cryptocurrency market by launching digital asset trading for its clients. ZKB introduced bitcoin and ethereum trading and custody, integrating these services into its e-banking and mobile banking platforms.
The bank said it would offer the service in collaboration with crypto Finance AG, a subsidiary of the Deutsche Börse Group.
