Swiss Post's banking arm developing in-house crypto custody platform

2022/07/12 21:05

Switzerland’s Post Office is set to onboard cryptocurrency trading through its banking arm PostFinance as user appetite for custody grows in the country.

Some 2.6 million users that currently bank with PostFinance, the fifth largest bank in the country, are expected to be able to buy and sell Bitcoin and other cryptocurrencies through an inhouse trading and custody service in the next two years.

As reported by local media outlet Swissinfo, the executive board of the Post Office’s banking arm intends to provide direct access to cryptocurrency markets through a proprietary service operated by PostFinance by 2024 at the latest.

It’s the latest step by the institution to afford its clients the ability to gain access to cryptocurrencies. In 2021, PostFinance partnered with online trading platform Swissquote to develop the Yuh mobile application, which gives users access to traditional shares and stock markets as well as over 25 cryptocurrencies.

While more tech-savvy users are content with a third-party service provider like Yuh as their gateway to cryptocurrency markets in the country, PostFinance is looking to give customers direct access to these markets.

Cointelegraph has reached out to PostFinance to confirm the move and the reasoning behind it as Switzerland continues to be a center for cryptocurrency and blockchain adoption.

The Italian-speaking Swiss town of Lugano was the most recent region to announce the acceptance of Bitcoin, Tether (USDT) and LVGA tokens as a recognized means of payment for taxes, public services and tuition fees for students in a partnership with Tether.

Meanwhile, the Swiss Central Bank has had a mixed attitude toward the development of a central bank digital currency (CBDC). Project Helvetia was launched to pilot the use of a CBDC with commercial banking partners in the country, while its governing board was still considering potential risks.

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