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Swiss Post bank establishing crypto custody platform

The fifth-largest banking institution in Switzerland is planning to launch a cryptocurrency trading and custody service for its customers.

Switzerland’s Post Office is planning to incorporate bitcoin trading through its banking subsidiary PostFinance as demand for cryptocurrency custody increases.

Approximately 2.6 million customers of PostFinance, the fifth-largest bank in the country, will be able to purchase and sell Bitcoin and other cryptocurrencies via an in-house trading and custody service within the next two years.

The executive board of the Post Office’s banking arm plans to provide direct access to cryptocurrency markets through a service operated by PostFinance by 2024 at the latest, as reported by Swissinfo.

It is the most recent step taken by the organisation to grant its customers access to cryptocurrency. PostFinance teamed with the online trading platform Swissquote in 2021 to develop the Yuh mobile application, which provides users with access to traditional stock and share markets as well as more than 25 cryptocurrencies.

While more tech-savvy consumers are satisfied to use a third-party service provider like Yuh as their gateway to the country’s cryptocurrency exchanges, PostFinance intends to provide customers with direct access to these marketplaces.

In cooperation with Tether, the Italian-speaking Swiss municipality of Lugano was the most recent to declare the adoption of Bitcoin, Tether (USDT), and LVGA tokens as legal tender for taxes, public services, and student tuition costs.

In the meanwhile, the Swiss Central Bank’s attitude on the establishment of a central bank digital currency has been ambivalent (CBDC). Project Helvetia was initiated in order to test the use of a CBDC with commercial banking partners in the country, while its governing board was still evaluating potential hazards.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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