PostFinance brings crypto into the daily lives of 2.5 million Swiss people

Switzerland’s fifth-largest bank, PostFinance, announced the launch of comprehensive cryptocurrency services this Wednesday, February 21, 2024. Its 2.5 million customers will be able to buy, sell and even save 11 popular cryptocurrencies via their bank account.

Bitcoin trading and others at PostFinance, let’s go!

The PostFinance bank is pioneering the launch of a full range of crypto-related services for its 2.5 million customers. They will not only be able to buy and sell 11 major virtual currencies, including Bitcoin, Ethereum and Litecoin, but also hold them in secure accounts provided by the bank itself.

To democratize investment in crypto, PostFinance has set an entry threshold at only $50. “ Our clients can now easily trade these promising new assets“said Philipp Merkt, Chief Investment Officer.

Consulting services will also be offered to guide customers, often novices, and answer their questions about this complex market.

A step towards widespread adoption of cryptos

By partnering from April 2023 with the specialized company Sygnum Bank to build this crypto offer, PostFinance has shown its desire to anticipate growing demand.

It thus becomes the first Swiss systemic bank to take the plunge, certainly soon followed by others. It should also be remembered that Deutsche Bank and Bakkt Holdings recently followed a similar approach by partnering with Swiss companies in the sector.

A subsidiary of the Swiss Post Office, PostFinance cannot grant credit and focuses on transactional services and account management. With 95 billion francs in deposits in 2022, the addition of cryptos is therefore coherent to expand its range.

Cryptocurrencies clearly represent the future of finance“, emphasized digital director Alexander Thoma. “ Our customers want to participate in a secure environment. »

By making crypto investing so accessible, PostFinance could stimulate its mass adoption in Switzerland, like leaders like BlackRock with their Bitcoin ETFs across the Atlantic.

The next few years will tell whether its ambitious bet to integrate cryptos into the traditional banking landscape will prove successful. But PostFinance already has the merit of paving the way.

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