Swiss banking giant PostFinance dives into crypto

Posted by Lea Hogg Posted: Feb 21, 2024

PostFinance, one of Switzerland’s leading banks, has launched a new crypto service. This development marks a significant milestone in the integration of traditional banking with the rapidly growing digital asset space. Amid the increasing hype in the industry following the approval of spot Bitcoin ETF in the U.S., PostFinance’s entry into crypto is set to revolutionize the financial landscape.

The new crypto service by PostFinance offers customers an effortless entry into the world of cryptocurrencies. With a simple click, users can access an initial range of 11 cryptocurrencies, including popular assets like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), among others. This diverse selection ensures that customers have ample opportunities to explore different digital assets and tailor their investment strategies to suit their preferences and risk tolerance.

Moreover, PostFinance’s crypto services extend beyond mere purchase capabilities. It offers customers the option to set up a saving plan, similar to traditional funds saving plans. This feature allows users to automate their cryptocurrency investments, making regular contributions to their digital assets portfolio over time. By adopting a systematic approach to investing, customers can mitigate the impact of market volatility on their investment returns.

New frontier in Swiss financial services

The Swiss bank aims to cater to a diverse range of customers, from experienced investors to novices looking to dip their toes into the digital asset space. This move by PostFinance is part of a larger trend of banks making a major U-turn on crypto.

Last year, Deutsche Bank announced a partnership with Swiss cryptocurrency firm Taurus to offer custody service for institutional clients. This marked the bank’s entry into holding cryptocurrencies and tokenized assets for its clients. Similarly, Bakkt Holdings announced that it would assist Sullian Bank in its bid to start providing crypto-related services to the bank’s customers. This means they will be able to hold, sell, and buy the two largest digital currencies, Bitcoin and Ethereum.

Through stringent security protocols, the banks ensured that users’ crypto holdings remained protected at all times, instilling confidence and peace of mind among investors.

As PostFinance makes its historic dive into crypto, it sets a precedent for other traditional banks to follow, further bridging the gap between traditional banking and the expanding world of digital assets.