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Swiss Post Office To Offer Crypto Trading And Custody Services By 2024

source-logo  coinculture.com 13 July 2022 05:11, UTC

The service, which is expected to be available by 2024 at the latest, will be independent of the bank’s other cryptocurrency products, making it the first in the country, Swiss Info reported on July 11.

Despite the ongoing winter, which has resulted in assets like Bitcoin losing their value by almost 70% from the all-time high of $67,800 in November 2021, the Swiss post office believes it’s time to venture into cryptocurrencies.

“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 focus on cryptocurrency trading and custody, with discussions underway to bring on 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 reservations about investing in cryptocurrencies, citing the sector’s lack of clear regulations and the speculative nature of the different assets.

Furthermore, the state-owned bank has become increasingly involved in cryptocurrency through various products. PostFinance, for example, currently offers crypto exposure to customers through its digital app Yuh.

At the launch, the app supported 13 cryptocurrencies, including Bitcoin, allowing users to make payments, store their funds, and invest in various assets.

Notably, the Swiss Post Office has identified cryptocurrencies as a strategic growth sector that needs to be integrated into its operations in recent years.

The postal service also released the world’s first cryptocurrency stamp, aiming to “bridge the gap between the physical world of stamps and the digital crypto-universe.”

coinculture.com