The landscape of cryptocurrency adoption in Swiss banking is evolving rapidly, with PostFinance, a government-owned financial institution, at the forefront of this transformation.
PostFinance is a well-established financial institution in Switzerland, operating as a subsidiary of Swiss Post. It provides a broad spectrum of banking services, including savings accounts, investment products, insurance, and payment solutions. Classified as a systemically important bank by the Swiss Financial Market Supervisory Authority (FINMA) in 2015, PostFinance plays a crucial role in the Swiss financial system, particularly in payment transactions and deposit services.
In recent years, PostFinance has expanded its offerings to include digital and cryptocurrency services. In February 2024, the institution introduced a new service allowing customers to buy, sell, and securely store cryptocurrencies such as Bitcoin and Ethereum. This service aims to meet the growing demand for digital assets and provides a user-friendly platform for customers to engage with the crypto market.
Philipp Merkt, Chief Investment Officer at PostFinance, said at the time:
“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.“
And PostFinance’s Head of Digital Assets, Dr Alexander Thoma, had this to say about the launch of their crypto service:
“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. Our service will enable them to do precisely this – and much more.“
Yesterday, PostFinance announced support for trading and custody of the following altcoins: Avalanche (AVAX), Cardano (ADA), Polkadot (DOT), XRP, and Solana (SOL).
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