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Tuesday, March 28, 2023

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

State-Owned Swiss Bank Postfinance to Offer Clients Direct Access to Crypto Market – According to reports, Swiss Post, the state-owned company in charge of providing postal services and other crucial pieces of Switzerland’s infrastructure, plans to give its clients direct access to cryptocurrencies.

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The predecessor of Postfinance was formed by the Swiss parliament in 1906 to offer payment services to retail clients. Prior to becoming a bank under Swiss law in June 2013, Postfinance was a part of Swiss Post. The Swiss Financial Market Supervisory Authority (FINMA) currently controls it.

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Through the Yuh app, which it co-developed with banking group Swissquote, the bank already provides its clients with exposure to cryptocurrencies. According to their website, “Yuh integrates paying, saving, and investing in one package.”

Sandra Lienhart, the manager of retail banking at Postfinance, was cited as saying:

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“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.”

Crypto stamps have been available from Swiss Post. The first collection had 175,000 crypto stamps and was released in November 2021. Within five hours, they were all sold out.

The post office revealed last week that Swiss Crypto Stamp 2.0 would be launched. The announcement states that “the second crypto stamp collection will be available from selected branches and through postshop.ch beginning August 8th, 2022, with an issue of 250,000 stamps.”

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The release adds that there will be ten distinct designs “reflecting the numerous values of Switzerland, such as solidarity, sustainable thinking, peace, and diversity,” and that when the ten images are put next to one another, they create a larger picture.

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