The Swiss post office plans to offer crypto trading and custody services via its subsidiary PostFinance. It has been seeing an increased demand in trading and custody products from users pushing them to do this. The latest it will be available is 2024, and we might even see it happen before that. This announcement by the Swiss post office at this point shows that the bank has seen a rise in crypto demand despite the bear market.
PostFinance and crypto services
Despite the fact that Bitcoin is trading much lower than its all-time high, it seems that users are still interested in crypto. It also shows how much the market has evolved in the past few years. The head of retail banking, Sandra Lienhart, said that there is high client demand for accessing crypto via a house bank. And since there has been a growth of institutional demand for crypto in the past 1.5 years, this is the perfect time to enter the space.
This is not PostFinance’s first venture into crypto. The bank also offers some crypto services to users via the Yuh app. There is support for around 13 cryptocurrencies, including popular ones like Bitcoin and Ethereum. Even though many major Swiss banks are off the idea that entering the crypto industry is risky, due to the lack of clear regulations, the Swiss post office feels it should be incorporated at the heart of its operations.
About the Swiss post office
Swiss PO is a nationwide postal service available in Switzerland. It is the country’s 2nd biggest employer and is owned by the Swiss Confederation. The Swiss post office has around 54,000 employees, and Roberto Cirillo is its Chief Executive Officer. It has also bagged the title of World’s best by Universal Postal Union for the 5th consecutive time now.
About PostFinance
PostFinance has about 2.6 million customers and offers its services to both retail and corporate customers. The company aims to help its clients manage their money well and start as quickly as possible. They offer a lot of services like accounts, cards, AR & AP solutions, insurance, cash management, and e-commerce.
What are your thoughts as the Swiss post office plans to offer crypto services by 2024? And do you think we will see another BTC rally during that period? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Bitcoin skeptic Peter Schiff is willing to sell his bank for Bitcoin.