Swiss Post Office to Launch Crypto Trading and Custody Services by 2024

Swiss Post Office to Launch Crypto Trading and Custody Services by 2024

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Swiss Post Office through its PostFinance has announced its plans to broaden its crypto trading services in response to increasing crypto adoption and demands for related services from users.

The service which will begin latest by 2024  will not be dependent on the bank’s other cryptocurrency products and will be the first in the country, according to Swiss information reported on July 11.

“Our customers want direct access to this market through their in-house bank. Given the increasing institutionalization [of cryptocurrencies] In the past 18 months, this is the ideal time to enter the market,” said Sandra Leonhardt, PostFinance Head of Retail Banking.

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Discussion With External Partners

The fresh services will basically comprise trading and custody of cryptocurrencies with discussion ongoing to involve external partners.

PostFinance joins leading global lenders like Goldman Sachs, JP Morgan, Citibank, and Fidelity bank to offer varied crypto products.

Some leading Swiss banks have exhibited caution in venturing into cryptocurrencies stating a lack of clear regulations in the space.

Although, a few of the state-owned banks have ventured into crypto through varied products.

PostFinance, for instance, currently offers crypto exposure to customers through its digital app Yuh which at launch, supported 13 cryptocurrencies including Bitcoin, and enables their patronages to invest, save, and make payments in different assets.

Swiss Post Office is the national postal service in Switzerland, owned by Swiss Confederation, it is the Switzerland’s second largest employer with more than 50,000 employees.

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