State-Owned Swiss Bank Postfinance to Offer Clients Direct Access to Crypto Market
Swiss post office’s banking unit, the state-owned Postfinance, is reportedly preparing to enter the crypto market. “Our clients want direct access to this market through their house bank.”
Swiss Post Office’s Banking Arm to Enter Crypto Market
The banking and financial services arm of Swiss Post, the state-owned enterprise responsible for Switzerland’s postal and other essential public infrastructure services, is reportedly planning to offer its customers direct access to cryptocurrencies.
The Swiss parliament established Postfinance’s predecessor in 1906 to provide payment services to retail customers. Postfinance operated as a division of Swiss Post until June 2013, when it became a bank under Swiss law. It is currently regulated by the Swiss Financial Market Supervisory Authority (FINMA).
The bank already offers crypto exposure to its customers through the Yuh app, which it co-developed with banking group Swissquote. “Yuh combines paying, saving, and investing in one package,” its website describes.
Postfinance’s head of retail banking, Sandra Lienhart, was quoted as saying:
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.
Swiss Post has been selling crypto stamps. The first collection, issued in November 2021, consisted of 175,000 crypto stamps. They were sold out within five hours.
Last week, the post office announced that it is launching Swiss Crypto Stamp 2.0. “The second crypto stamp collection will be available from selected branches and at postshop.ch from 8 August 2022, with an issue of 250,000 stamps,” according to the announcement.
There will be 10 different designs “reflecting the various values of Switzerland, such as solidarity, sustainable thinking, peace, and diversity,” the announcement continues, adding that when placed next to each other, the ten designs form a larger picture.
What do you think about Postfinance entering the crypto market? Let us know in the comments section below.
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