The Swiss post office’s financial services unit, PostFinance, is embracing crypto and plans to offer crypto services by 2024.
The prolonged bear market seems to have not shaken PostFinance’s confidence as it is sturdy enough in its decision to offer cryptocurrency services to its customers. PostFinance is not a newcomer to the crypto realm. It has been providing crypto offerings through its Yuh app, which relied on the Swissquote bank.
PostFinance will go independent to provide crypto services
PostFinance is planning to launch its independent crypto trading and custody services to its Swiss customers. It is estimated to be ready by the beginning of 2024 at the earliest.
PostFinance is least worried about the crypto winter and is ready to provide crypto services directly to its customers through the bank, despite the fluctuating crypto market.
“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,” PostFinance head of retail banking Sandra Lienhart.
Global financial institutions have warned of the volatile and unregulated nature of cryptocurrencies. But PostFinance hops on the bandwagon with other banking giants in the game including JPMorgan, Citibank, and Goldman Sachs to offer crypto services to its customers.
Banks are not generally necessary to trade crypto. A handheld device is all you need to buy and sell crypto. But several investors are ready to vest the custody of their assets to the centralized banks, for the ease and safety of storing and transacting.
Swissquote emerged as one of the earliest banks in 2017 to offer crypto services to retail clients. Now it seems like PostFinance is coming in to steal the show. While many believe that the adoption of crypto by banks is good in general, many believe that it simply defeats the decentralized nature of crypto.