Switzerland’s Postfinance, a subsidiary of Swiss Post, has rolled out a new service for cryptocurrency trading and custody. Customers can easily buy or securely store a selection of 11 cryptocurrencies through the platform. The initiative aims to enhance accessibility, transparency, and competitive terms for users.
Collaboration with Sygnum for Crypto Services
Postfinance’s foray into the crypto sphere is made possible through a partnership with Sygnum, a FINMA-regulated crypto bank. This collaboration marks a significant milestone as Postfinance becomes the first systematically important bank in Switzerland to offer direct crypto trading to its clientele. With the backing of FINMA, Postfinance assures regulatory compliance and security for its customers.
Convenient Access for Customers
The new service allows Postfinance’s 2.5 million customers to engage in crypto trading seamlessly via e-finance or the Postfinance App. The platform offers a low entry barrier, with a minimum investment of $50 for both individual orders and crypto-saving plans. This move is aimed at democratizing the crypto market and making it accessible to a wider audience.
Evolution of Postfinance’s Crypto Endeavors
Postfinance’s venture into cryptocurrencies was first hinted at in April of the previous year, with the announcement of its collaboration with Sygnum. Previously, the financial institution introduced the Yuh app, supporting 13 cryptocurrencies, in partnership with Swissquote. The current initiative marks a significant step forward in Postfinance’s digital asset offerings, catering to evolving customer demands and market trends.
Embracing Blockchain Technology
The decision to offer cryptocurrency services stems from the growing interest in blockchain technology among customers. Alexander Thoma, Head of Digital Assets at Postfinance, emphasizes the importance of meeting customer needs without relying on loosely regulated crypto exchanges. With cryptocurrencies becoming a mainstream investment option, Postfinance aims to provide a secure and user-friendly platform for its customers to participate in this evolving landscape.
