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 batch of 11 cryptocurrencies with the click of a mouse, or even set up a crypto savings plan,” the company explained.
Postfinance’s new crypto service
Swiss Post’s wholly owned financial subsidiary, Postfinance, announced on Tuesday that it is launching a new crypto service on Wednesday morning. The Swiss Post is the national postal service of Switzerland. The announcement explains:
“This enables its customers to purchase or securely store an initial set of 11 cryptocurrencies with the click of a mouse, or even set up a crypto savings plan… The launch aims to provide user-friendliness, transparency and attractive conditions for everyone to improve.”
Postfinance is regulated by the Swiss Financial Markets Authority (FINMA) and licensed in accordance with the Swiss Banking Act. It has more than 2.5 million customers.
The new crypto service is in collaboration with the FINMA-regulated crypto bank Sygnum. “Postfinance will be the first systemically important bank in Switzerland to offer 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 US$50 for crypto savings plans and individual orders,” the company noted, adding that this helps “democratize the crypto market for everyone.”
Collaboration with Sygnum
Postfinance unveiled its plan to offer crypto services in partnership with Sygnum in April last year. Before entering into an agreement with Sygnum, the financial company offered customers an app supporting 13 cryptocurrencies called Yuh, a product of Postfinance and online trading platform Swissquote. Meanwhile, the Swiss Post is selling crypto stamps.
Philipp Merkt, Chief Investment Officer at Postfinance, commented: “Cryptocurrencies offer an additional investment option and are here to stay. The advantage is that our 2.5 million customers can now invest in cryptocurrencies easily and securely with their main bank. In addition to traditional asset classes such as cash, bonds and stocks, cryptocurrencies are part of a variety of attractive alternative investment options such as real estate and commodities.”
Alexander Thoma, head of digital assets at Postfinance, discussed the launch of the crypto service:
“The big trend towards blockchain technology will continue to grow in the future, and our customers want to participate in this technology. A large portion of our customers have expressed the need to purchase cryptocurrencies without having to use loosely regulated crypto exchanges.”
Source: https://cryptobenelux.com/2024/02/21/postfinance-start-crypto-dienst-in-zwitserland/
