The Swiss Post will provide crypto trading and custody services by 2024
In response to rising consumer demand, the Swiss post office through its banking affiliate PostFinance has announced intentions to expand its cryptocurrency entry by launching a trading and custody product.
Swiss Info reported on July 11 that the service, which is expected to be ready by 2024 at the latest, would be independent of the bank’s existing cryptocurrency products and will be the first in the nation.
According to the company, there is a need to invest in cryptocurrencies despite the current winter that has seen assets like as Bitcoin dropping roughly 70 percent of their value from November 2021’s all-time high of $67,800.
” In light of the increasing institutionalisation [of cryptocurrencies] over the last 18 months, now is the right moment to join the market, according to Sandra Lienhart, head of retail banking at PostFinance.
Discussions with external parties
The new service will focus largely on trading and storage of cryptocurrencies, with continuing negotiations to bring on other external partners.
PostFinance joins JPMorgan Goldman Sachs, Citibank, and Fidelity in offering a variety of crypto products. Notably, top Swiss banks have voiced reluctance to invest in cryptocurrencies, noting the absence of clear laws and the speculative character of the various assets.
In addition, the state-owned bank has progressively invested in cryptocurrency through a variety of products. Currently, PostFinance provides cryptocurrency exposure to consumers through its digital app Yuh.
On debut, the application supported thirteen cryptocurrencies, including Bitcoin, enabling users to make payments, store money, or invest in a variety of assets.
Notably, the Swiss post office has recognised cryptocurrencies as a strategic development sector that must be integrated into its operations in recent years.
To “cross the gap” between the real world of stamps and the digital crypto-universe, the postal service released the world’s first cryptocurrency stamp.