ETH News: Swiss State-Owned Bank PostFinance Adds Ethereum Staking Services

• Swiss state-owned bank PostFinance has expanded its cryptocurrency services by introducing Ethereum staking for its 2.7 million customers.
• Alexander Thoma, head of digital assets at PostFinance stated that the staking service is completely integrated into PostFinance’s existing services.

PostFinance, the financial services arm of Swiss Post and a cornerstone of Swiss banking since its founding in 1906 announced the launch of staking services for Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization. 

The newly introduced staking service allows PostFinance’s clients to participate in Ethereum staking, where users contribute to the Ethereum blockchain’s security and operations while earning rewards. The announcement follows PostFinance’s 2024 partnership with Sygnum, a FINMA-regulated digital asset banking group, which saw the launch of cryptocurrency trading and secure custody solutions. Sygnum currently offers staking solutions for multiple cryptocurrencies, including ETH, XTZ, and  Cardano (ADA), giving its clients diverse options in the burgeoning market.

Details of the Ethereum Staking Service

According to its official report, PostFinance’s Ethereum staking service is designed with a focus on simplicity and security, catering to the needs of its roughly 2.7 million customers, which is approximately a quarter of Switzerland’s population. Dr. Alexander Thoma, the Head of Digital Assets at PostFinance, emphasized that the staking service utilizes “native staking,” which occurs directly on the Ethereum blockchain. This approach guarantees maximum transparency and security for users.

Clients began staking yesterday with a minimum investment of just 0.1 ETH, equivalent to roughly $331. Dr. Thoma pointed out that the service is fully integrated into PostFinance’s existing financial services, allowing customers to view their staking rewards alongside their other crypto assets in their asset statements. While Ether is the only cryptocurrency presently supported for staking, PostFinance has expressed intentions to expand its offerings to include additional cryptocurrencies in the future.

Ethereum staking has gained significant traction since Ethereum transitioned from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism in 2022 with the Ethereum Merge.

Switzerland’s Commitment to Crypto

PostFinance’s entry into the staking realm is part of a broader trend of traditional banks exploring the cryptocurrency sector. Zurich Cantonal Bank (ZKB), Switzerland’s fourth-largest financial institution, began offering digital asset trading in September 2024. Clients gained access to Bitcoin and Ethereum trading alongside custody solutions, all seamlessly incorporated into the bank’s eBanking and mobile applications.

Additionally, in December 2024, Anchorage Digital became the first federally chartered bank in the U.S. to support liquid Ether staking, reflecting a growing acceptance of digital assets among financial institutions.

Recent reports indicate that the Swiss Chancellery has initiated a proposal to include Bitcoin (BTC) in Switzerland’s national reserves. This campaign seeks to repeal Article 99 of the Swiss Federal Constitution, thereby enabling the Swiss National Bank to hold Bitcoin alongside gold in its reserves.

However, the Chairman of the Swiss National Bank, Martin Schlegel, has expressed skepticism about Bitcoin. He has raised concerns regarding its volatility and environmental impact, reflecting the cautious approach of regulatory authorities toward digital assets. Currently, Ethereum is priced at $3,380, with a 24-hour trading volume of $26 billion.