Swiss State Bank Postfinance Launches App With Support For 13 Cryptocurrencies

The new app, called Yuh, is the product of a partnership between the banking arm of Switzerland's national postal service Postfinance and the Swissquote platform. Cooperation was established at the end of last year. The bank said the software was presented at a virtual launch on May 11. Anyone who wants to test it can download and install the app on an iOS or Android device.

Users can invest in over 100 of the most popular stocks such as Apple, Nike, Tesla or Coca-Cola, as well as Exchange Traded Funds (ETFs). The two financial companies also announced that their clients will be able to buy and sell 13 cryptocurrencies through the app, including Bitcoin (BTC) and Ethereum (ETH).

The platform promises to its customers to maintain low or zero fees, providing full transparency at all times regarding applicable fees. For example, payments and peer-to-peer transfers are free. However, when buying or selling shares, there is a 0.5% commission and a 1% commission for cryptoassets. The cost of these transactions will be clearly displayed in the app. In addition, Yuh account holders who deposit CHF 500 or more will receive 500 Swissqoin (SWQ), an app cryptocurrency that Yuh users will be able to trade.

Image: Nau