Swiss Post Bank Building In-House Crypto Custody Platform

Updated: 14 July 2022

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As the demand for cryptocurrency custody among users in Switzerland increases, the Post Office of Switzerland is planning to introduce cryptocurrency trading through its banking subsidiary, PostFinance.

Within the next two years, it is anticipated that the approximately 2.7 million people who presently bank with PostFinance, which is the fifth largest bank in the country, would have the ability to buy and sell Bitcoin and other cryptocurrencies through an in-house trading and custody service.

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PostFinance spokesperson Dorte Horn confirmed in correspondence with Cointelegraph that the executive board views digital assets as a tactical growth area and that PostFinance will also provide immediate links to cryptocurrency markets through a specialized service owned by PostFinance by the latest year of 2024.

Easing Things for the Customer

It’s the most recent move that the financial institution has made it possible for its customers to buy and sell cryptocurrency. Yuh is a smartphone application that was developed in 2021 through collaboration between PostFinance and the online trading platform Swissquote.

This application provides users with access to traditional share and stock markets in addition to more than 25 cryptocurrencies. Horn mentioned that the joint venture between the two companies would continue, but Yuh would now operate separately from PostFinance’s retail operation because it had shifted its focus to a different consumer demographic.

One of the reasons PostFinance is working on building its own independent product is because of this. PostFinance intends to provide clients with direct access to cryptocurrency markets in the nation, whereas technically adept users are willing to utilize a third-party service provider such as Yuh as their gateway to crypto markets in the world.

Horn explained that the demand from PostFinance customers is very high, and the market continues to expand with many exciting options related to the DLT or blockchain technology. Since their home bank does not offer a service range that encompasses trading cryptocurrencies, many consumers opt to trade cryptocurrencies at a foreign exchange instead.

More Features in the Pipeline

PostFinance has also suggested that it is in the process of developing a digital assets team. This team will grow PostFinance’s cryptocurrency offering and continue to introduce new features and products once their platform has gone live.

Switzerland is the global leader in the utilization of cryptocurrencies and blockchain technology. The Italian-speaking Swiss municipality of Lugano announced in conjunction with Tether that it will take Bitcoin, Tether, and LVGA tokens as legal money for taxes, public services, and student tuition prices.

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In the meanwhile, the Swiss National Bank has displayed a conflicted stance with regard to the creation of a central bank digital currency (CBDC). Despite the fact that its governing board was still deliberating over the feasibility of the project, Project Helvetia was initiated in order to test the usage of a CBDC in conjunction with commercial banking partners in the nation.

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