The Swiss post office through its banking arm, PostFinance has announced plans to extend its cryptocurrency entry by rolling out a trading and custody product following increased demand from users.
The service, likely to be available by 2024 at the latest, will be independent from the bank’s other cryptocurrency products becoming the first in the country, Swiss Info reported on July 11.
According to the entity, there is a need to venture into cryptocurrencies despite the ongoing winter that has resulted in assets like Bitcoin losing their value by almost 70% from the all-time high of $67,800 in November 2021.
“Our clients want direct access to this market through their house bank. Given the growing institutionalisation [of cryptocurrencies] in the last 18 months, this is the ideal time to enter the market,” said PostFinance head of retail banking Sandra Lienhart.
Talks with external partners
The new service will primarily include trading and custody of cryptocurrencies, with talks ongoing to onboard other external partners.
PostFinance joins leading global lenders like JPMorgan Goldman Sachs, Citibank and Fidelity to offer varied crypto products. Notably, some leading Swiss banks have expressed caution in venturing into cryptocurrencies citing the sector’s lack of clear regulations and the speculative nature of the different assets.
Furthermore, the state-owned bank has increasingly ventured into cryptocurrencies through different products. For instance, PostFinance currently offers crypto exposure to customers through its digital app Yuh.
At the launch, the app was supporting 13 cryptocurrencies including Bitcoin allowing clients to make payments, save funds or invest in various assets.
Notably, the Swiss post office in recent years has identified cryptocurrencies as a strategic growth area that needs incorporation into its operations.
For instance, the postal service also unveiled the world’s first cryptocurrency stamp aiming to “bridge the gap between the physical world of stamps and the digital crypto-universe.”
