The Swiss post office is planning to launch cryptocurrency custody and trading services. It has targeted to go live by the year 2024. It wishes to offer these new services through its banking arm PostFinance. It is looking to provide such services to all customers.
Around 2.7 million users currently banking with PostFinance are expected to get the opportunity of buying and selling Bitcoin and other cryptos via one in-house trading as well as custody service in the next 2 years. Maybe click here to visit bitcoin motion site to register and start buying and selling or using this virtual currency for daily transactions.
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Dorte Horn the spokesperson of PostFinance confirmed that their executive board views digital currencies as one area of strategic growth. They will be providing direct access to crypto markets via a proprietary service. PostFinance will own it latest by 2024.
It is a recent step by the institution for affording its clients all ability to gain access to cryptos. Last year, they partnered with Swissquote, the online trading platform. It was for developing the mobile app Yuh. It gives users all access to conventional shares or stock markets apart from more than 25 cryptos.
He noted that this venture between the two companies will continue. Yet a shift by Yuh to a new customer segment will indicate that it is independently operating from the retail business of PostFinance. It is part of the reason for PostFinance to develop one independent offering.
Highly tech-savvy users are very content with one third-party provider. It is such as Yuh in the form of their gateway to crypto markets in this country. But PostFinance is thinking of providing clients direct access to such markets.
Horn explained that there is a high demand from the customers of PostFinance. The market is also growing with several alluring options related to blockchain tech. A lot of customers select to opt for foreign exchange for trading cryptos as their own bank is not having their own range of services.
They indicated that they are building a team for digital assets. They will be developing their crypto offering. They will continue adding new products and features once the platform is live.
Switzerland is still a center for crypto as well as blockchain adoption. Lugano has been the most recent region that declares the acceptance of Bitcoin and Tether apart from LVGA tokens as one recognized payment means for public services, tuition fees, and taxes for students in one partnership with Tether.
The Swiss Central Bank had a mixed attitude towards this development of CBDC or central bank digital currency. The launch of the Project Helvetia was for piloting CBDC use with commercial banking partners in this country. Yet its governing board was considered to be at potential risk.
Swiss post office responds to increasing customer demand
They have recognized that the present conditions of the market have been very strict to the cryptocurrency sector. The Swiss post office feels that it is the perfect time for making an entry. With increasing customer demands, the previous collaboration of PostFinance with Swissquote has got helped. It is the first primary bank in this country to provide cryptocurrency trading to all clients in 2017. Crypto exposure is offered by PostFinance to all retail clients. It is through one digital app that YuhExternal dubbed.
This financial services provider now is looking for revamping that via a proprietary cryptocurrency trading along with custody service. For helping to bring it into reality over the year or a half, it has been working on prospective business partners.
Conclusion
It is the fifth largest Swiss retail bank. PostFinance’s decision will be encouraging Bitcoin trading. Also to develop one independent platform for doing so, there will a huge market correction. It saw Bitcoin lose more than 70% of its ATH value that nearly reached $70,000. PostFinance has plans of joining worldwide giants like JPMorgan, Fidelity, and Goldman Sachs to look for tapping into cryptocurrency services. The service will be primarily focussing on the trading of Bitcoin and other cryptos along with the custody. Yet the company is seeking extra external partners to continuously build out the product offering.