State-Owned Swiss Bank Postfinance to Offer Clients Direct Access to Crypto Market – Featured Bitcoin News

The banking unit of the Swiss post office, the state-owned Postfinance, is reportedly preparing to enter the cryptocurrency market. “Our clients want to access this market directly through their in-house banking.”

Banking arm of the Swiss Post to enter the crypto market

The banking and financial services branch of Swiss Post, the state-owned enterprise responsible for Switzerland’s postal and other essential public infrastructure services, is reported plans to give its customers direct access to cryptocurrencies.

The Swiss Parliament established the forerunner of Postfinance 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 has provided exposure to cryptocurrencies for its customers through the Yuh app, which it co-developed with the Swissquote banking group. “Yuh combines payments, savings and investments in one package,” its website describes.

Postfinance’s head of retail banking, Sandra Lienhart, is quoted as saying:

Our clients want direct access to this market through their in-house banking… With increasing institutionalization [of cryptocurrencies] over the past 18 months, this is the ideal time to enter the market.

The Swiss Post Office has sold cryptocurrency stamps. The first collection, released in November 2021, includes 175,000 crypto stamps. They were sold out within five hours.

Last week, the post office announced that they are rolling out Swiss Crypto Stamp 2.0. “The second collection of crypto stamps will be available from select affiliates and at from August 8, 2022, in a volume of 250,000 stamps,” according to the announcement.

There will be 10 different designs that “reflect different Swiss values, such as solidarity, sustainable thinking, peace and diversity”, the announcement goes on, adding that when placed side by side , ten designs will form a bigger picture.

What do you think about Postfinance entering the crypto market? Let us know in the comments section below.

Kevin Helms

An Austrian Economics student, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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