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State-Owned Swiss Bank Postfinance to Offer Clients Direct Access to Crypto Market

News Feed - 2022-07-14 11:07:17

State-Owned Swiss Bank Postfinance to Offer Clients Direct Access to Crypto Market


Swiss post office’s banking unit, the state-owned Postfinance, is reportedly preparing to enter the crypto market. “Our clients want direct access to this market through their house bank.” Swiss Post Office’s Banking Arm to Enter Crypto Market


The banking and financial services arm of Swiss Post, the state-owned enterprise responsible for Switzerland’s postal and other essential public infrastructure services, is reportedlyplanning to offer its customers direct access to cryptocurrencies.


The Swiss parliament established Postfinance’s predecessor in 1906 to provide payment services to retail customers. Postfinance operated as a division of Swiss Post until June 2013, when it became a bank under Swiss law. It is currently regulated by the Swiss Financial Market Supervisory Authority (FINMA).


The bank already offers crypto exposure to its customers through the Yuh app, which it co-developed with banking group Swissquote. “Yuh combines paying, saving, and investing in one package,” its website describes.


Postfinance’s head of retail banking, Sandra Lienhart, was quoted as saying: Our clients want direct access to this market through their house bank … Given the growing institutionalization [of cryptocurrencies] in the last 18 months, this is the ideal time to enter the market.


Swiss Post has been selling crypto stamps. The first collection, issued in November 2021, consisted of 175,000 crypto stamps. They were sold out within five hours.


Last week, the post office announced that it is launching Swiss Crypto Stamp 2.0. “The second crypto stamp collection will be available from selected branches and at postshop.ch from 8 August 2022, with an issue of 250,000 stamps,” according to the announcement.


There will be 10 different designs “reflecting the various values of Switzerland, such as solidarity, sustainable thinking, peace, and diversity,” the announcement continues, adding that when placed next to each other, the ten designs form a larger picture. Tags in this story crypto stamps, Postfinance, Postfinance bitcoin, Postfinance crypto, Postfinance cryptocurrency, Swiss Post, Swiss Post bitcoin, Swiss Post crypto, Swiss Post cryptocurrency, Swiss post office


What do you think about Postfinance entering the crypto market? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Study: 14% of Saudis Are Crypto Investors, 76% Have Less Than One Year of Experience in Cryptocurrency Investment FEATURED | 3 hours ago Charlie Munger: Everybody Should Avoid Crypto "as if It Were an Open Sewer, Full of Malicious Organisms" FEATURED | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleEU Regulator Warns About Crypto — Questions Whether Many Will Survive Next articleStudy: 14% of Saudis Are Crypto Investors, 76% Have Less Than One Year of Experience in Cryptocurrency Investment Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItArgentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments


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