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Kalkine Media ASX Share Market News & Research

Switzerland’s PostFinance launches crypto trading and custody service

February 21, 2024 11:32 AM EST | By Invezz
Google News: https://kalkinemedia.com/resources/assets/public/images/google-news.webp
Switzerland’s PostFinance launches crypto trading and custody service
Image source: Invezz

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PostFinance, the banking arm of Swiss Post, has officially unveiled its crypto trading and custody services to its customers, according to a press release.

The banking giant, the fifth-largest in Switzerland, said the cryptocurrency offering went live today, February 21, 2024. The new services will see more than 2.5 million customers have access to crypto trading “with just a few clicks.”

Customers will initially be able to buy or trade 11 cryptocurrencies, PostFinance noted. They’ll also be able to easily store or create crypto savings plans, much like they would do with a fund savings plan.

PostFinance customers will benefit from 24/7 trading directly from their own accounts.

According to bank’s announcement, users can buy and sell crypto via e-finance or the PostFinance app, the bank said.

PostFinance expands investment opportunity for customers

With this offering, PostFinance is adding crypto to the traditional asset classes available to its customers. These include cash, bonds and stocks.

In a comment, PostFinance’s Chief Investment Officer Philipp Merkt said digital assets offer an “investment opportunity within alternative investments” space. Real estate and raw materials fall into this category.

PostFinance first made inroads into the crypto trading and custody space in April 2023, debuting its plans with a partnership with Sygnum. The crypto bank has a banking license from the Swiss financial markets regulator in Switzerland and also holds licenses as a major payment institution in Singapore

The bank then confirmed plans to offer Bitcoin trading to its customers in 2024 in July last year. Its collaboration with the FINMA-regulated crypto bank is now in action, a milestone that further opens up crypto investing opportunities to customers in Switzerland.

A report from last year showed that Bitcoin traders from Switzerland were among the most profitable in Europe.

The post Switzerland’s PostFinance launches crypto trading and custody service appeared first on Invezz

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