Swiss crypto bank Sygnum adds 20 lenders to increase access to cryptocurrency. The cryptocurrency bank Sygnum, based in Switzerland, has added PostFinance, ZugerKB, LuzernerKB, and VZ Depotbank to its roster of supported banks.
Sygnum, a bank that accepts cryptocurrency and serves professional and institutional investors, has surpassed 20 organizations on its list of supported business-to-business (B2B) clients, marking another significant accomplishment.
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Swiss crypto bank
The bank, with its headquarters in Zurich, said in a blog post on June 27 that the expansion enables its bank clients to improve their end-client services, which include buying, transferring, and storing cryptocurrency.
With PostFinance, ZugerKB, LuzernerKB, VZ Depotbank, PKB, SocGen Forge, and other financial lenders now enabled by Sygnum, the bank asserts that a “third of the Swiss population” can now purchase, keep, trade, earn, and transfer cryptocurrency.
Furthermore, according to Sygnum, 61% of PostFinance clients who purchased cryptocurrency following the company’s February 2024 launch with Sygnum “were not only first-time crypto investors, but also first-time investors in any asset class at PostFinance.”
Swiss crypto bank
According to Fritz Jost, chief B2B officer at Sygnum, 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.” Jost attributes the high acceptance of crypto-related services among financial institutions in Switzerland to regulatory changes in the U.S.
According to the Swiss Crypto Bank, the country’s population “more than doubled the level of the U.K., Germany, and France” and exceeded the 20% crypto adoption mark last year, making it the most adopted country in Europe.
Founded in 2017, Azimut Holding, an asset management firm, conducted a fundraising round for Sygnum in early 2024, raising approximately $40 million at a valuation of over $800 million.