The 2.5 million customers of Swiss government bank PostFinance will very soon have the opportunity to buy, store and sell Bitcoin. To do so, PostFinance has partnered with crypto bank Sygnum. This announcement comes at a time when the cryptocurrency is being heavily criticized by banks in France.
PostFinance bank adopts crypto
Despite the virulent criticism of crypto in the beginning, banks are falling under the spell of digital currencies one after another. The bank PostFinancewhich is owned by the Swiss government, proposes now offers crypto services to its 2.5 million customers. To that end, PostFinance has signed a partnership with the crypto bank Sygnum. Through this partnership, PostFinance customers will be able to buy, store or sell cryptocurrency using the B2B banking platform developed by Sygnum.
PostFinance’s adoption of cryptocurrency was driven by the need of its customers. Indeed, the bank claims to have discovered a strong demand for digital investment services after analyzing its customers’ investment needs. PostFinance’s decision will therefore provide safe access to cryptocurrencies, which are now gaining traction in the financial market, the bank’s chief investment officer acknowledges.
Digital assets have become an integral part of the financial world and our customers want to access this market at PostFinance, their most trusted bank. A reputable and established partner like Sygnum Bank with an excellent service offering is more important than ever.Philipp Merkt, Chief Investment Officer of PostFinance AG
The French banking system still does not understand crypto
The interest of some banks in crypto is growing more and more in some states. In Germany, for example, banks are adopting crypto some after the others. Nevertheless, the situation in Germany is far from being the rule throughout Europe. In France, the banking system is particularly hostile to cryptocurrency.
Interviewed by our colleagues of the media La Croix, the newly re-elected president of the Crédit Mutuel Nicolas Théry was fiercely committed to crypto. Nicolas Théry In particular, he said that cryptocurrency facilitates money laundering and crime. For this executive of the fifth-largest French banking group, banks should continue to advise against crypto to its customers.
If you like laundering, crime, anonymity, you’ll love cryptocurrencies. The bank has a duty to advise and I’m proud that we’ve always told our clients not to venture into it.Nicolas Théry, president of Crédit Mutuel in France
The president of the Crédit Mutuel is also attacking crypto for shading the state financial system. For Nicolas Théry the central bank and the sovereign currency make it possible to protect the purchasing power of citizens, the tax revenues of the State and to fight against fraud. This social progress is notably compromised by crypto-money, he believes.
Thus, Nicolas Théry considers that all those who support cryptocurrencies are in no way different from those who support the Wagner against the armies of the republic. Wagner is a Russian paramilitary group sanctioned by the European Union and the United States for alleged war crimes and crimes against humanity committed in several countries.
The hostility of the French banking system to crypto contrasts in many ways with the attitude of the French people. According to a report by insurance broker HelloSafe, 4 million French people will hold crypto by 2023. That’s 5.9 percent of the country’s population and remains the highest adoption in Europe. While French banks don’t yet understand crypto, it’s far from the case for citizens.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.