The bank expanded the list of supported banks for the business-to-business (B2B) services it offers, adding important names such as PostFinance, ZugerKB, LuzernerKB and VZ Depotbank. This move is part of Sygnum’s strategy to facilitate institutional investors’ access to cryptocurrency markets.

According to Sygnum’s June 27 blog announcement, the bank now offers B2B services to more than 20 institutions. This expansion allows Sygnum’s customers to more effectively deliver services such as purchasing, transferring and storing crypto to their end users.

With these additions to the list of supported financial institutions, Sygnum claims that “one-third of the Swiss population” can now securely buy, hold, transfer cryptocurrencies and even earn profits from their crypto assets. This claim supports the fact that Switzerland is at the forefront of cryptocurrency adoption in Europe.

As if to prove its point, Sygnum revealed that 61% of PostFinance customers who purchased crypto through its platform in February 2024 were “not only first-time crypto investors, but also first customers to invest in any asset class through PostFinance.” This statistic clearly demonstrates that interest in crypto investments is increasing as traditional financial institutions integrate into cryptocurrency markets.

Fritz Jost, Sygnum’s head of B2B operations, attributes the high acceptance of crypto-related services by financial institutions in Switzerland to multiple reasons. Jost emphasizes that regulatory changes, especially in the United States, and the launch of exchange-traded funds (ETFs) for spot Bitcoin and Ethereum have had an impact in this area. Jost notes that these developments “played a significant role in legitimizing two leading digital assets” and increasing investor confidence in the broader cryptocurrency market.

In the press release, Sygnum states that Switzerland’s cryptocurrency adoption rate will exceed 20% in 2023, which is the highest in Europe. The statement also includes information that this rate is “more than twice that of England, Germany and France.” This data confirms that Switzerland is a pioneer in Europe in adopting cryptocurrencies.

Founded in 2017, Sygnum has become a major player in the crypto banking space. The bank raised over $40 million at a valuation of approximately $800 million in a funding round led by asset management firm Azimut Holding in early 2024.

This funding will enable Sygnum to accelerate its efforts to develop its innovative services in the cryptocurrency space and increase its integration with traditional financial institutions.

Sygnum’s expansion of its list of supported banks and the high cryptocurrency adoption rate in Switzerland is a key indicator that cryptocurrencies are increasingly becoming mainstream. Switzerland continues to lead the way in this field with its crypto-friendly regulations and innovative financial services.

The work of leading organizations such as Sygnum is paving the way for cryptocurrencies to further integrate with the traditional financial system and increase adoption.