Swiss Post’s financial subsidiary, Postfinance, has launched a new cryptocurrency trading and custody service. Customers can use the service to “purchase or securely store an initial range of 11 cryptocurrencies at the click of a mouse or even set up a crypto saving plan,” the company explained.
Switzerland's Postfinance Launches Crypto Trading and Custody Service
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Postfinance’s New Crypto Service
Swiss Post’s fully-owned financial subsidiary, Postfinance, announced on Tuesday that it is launching a new crypto service on Wednesday morning. Swiss Post is the national postal service of Switzerland. The announcement explains:
This will enable its customers to purchase or securely store an initial range of 11 cryptocurrencies at the click of a mouse or even set up a crypto saving plan … The launch aims to promote user-friendliness, transparency, and attractive conditions for all.
Postfinance is regulated by the Swiss Financial Market Supervisory Authority (FINMA) and has been granted a license in accordance with Switzerland’s Banking Act. It has more than 2.5 million customers.
The new crypto service is in collaboration with FINMA-regulated crypto bank Sygnum. “Postfinance will be the first systemically important bank in Switzerland to bring crypto trading directly to its customers,” the announcement adds. Postfinance customers can trade 24/7 via e-finance or the Postfinance App with a “low entry threshold of 50 U.S. dollars for crypto saving plans and individual orders,” the company noted, adding that this helps “democratize the crypto market for everyone.”
Postfinance unveiled its plan to offer crypto services in collaboration with Sygnum in April last year. Before entering into an agreement with Sygnum, the financial firm offered customers an app supporting 13 cryptocurrencies called Yuh, a product by Postfinance and online trading platform Swissquote. Meanwhile, Swiss Post has been selling crypto stamps.
Philipp Merkt, Chief Investment Officer at Postfinance, commented: “ Cryptocurrencies offer an additional investment option and are here to stay. The benefit is that our 2.5 million customers can now invest in cryptocurrencies easily and securely with their principal bank. In addition to traditional asset classes such as cash, bonds, and shares, cryptocurrencies are part of a variety of attractive alternative investment options such as real estate and raw materials.”
Discussing the crypto service launch, Postfinance’s head of digital assets, Alexander Thoma, stated:
The major trend towards blockchain technology will continue growing in future, and our customers want to participate in this technology. A large proportion of our customers have expressed a need to purchase cryptocurrencies without having to use loosely regulated crypto exchanges.
What do you think about Postfinance launching a crypto trading and custody service for over 2.5 million customers? Let us know in the comments section below.
