Postfinance is the first systemically important bank in Switzerland (a group that includes UBS, Raiffeisen, and ZKB) to offer cryptocurrency staking. According to Thursday's announcement, the service will initially be available for Ethereum via E-Finance and the Postfinance app. The addition of other cryptocurrencies is planned for the near future.

Staking involves locking up cryptocurrencies for a certain period of time. While staked, they contribute to the security and functionality of the respective blockchain. In return, cryptocurrency owners earn rewards, known as staking rewards, which can generate regular income.

Expansion of Existing Crypto Offerings

In February 2024, Postfinance, in collaboration with the crypto bank Sygnum, launched cryptocurrency trading and custody services. This offering has now been expanded to include staking functionality. In June, Postfinance was honored with the Swiss Crypto Award 2024.

Alexander Thoma, Head of Digital Assets, commented: «The staking service is based on native staking, which is conducted directly on the Ethereum blockchain, ensuring maximum transparency and security. The staking is fully integrated into Postfinance's existing services, allowing customers to view their staking rewards directly in their portfolio statements alongside their other crypto holdings.»

Once a Controversial Topic

The fact that a systemically important bank owned by the federal government is emerging as a staking pioneer is noteworthy. There were heated debates in 2023 between the Swiss Financial Market Supervisory Authority (Finma), which initially sought to regulate this area more restrictively, and the crypto industry, for which staking is a core business activity.

The key framework is now outlined in Finma's supervisory notice 08/2023, published at the end of 2023.