Swiss Bank PostFinance Now Offers Crypto Trading Services

Key Takeaways:

• Swiss bank PostFinance expands crypto offerings to include XRP, SOL, ADA, DOT, and AVAX.
• The bank now offers trading and custody services for these cryptocurrencies.
• This move reflects Switzerland's growing openness to digital assets.

PostFinance Expands Cryptocurrency Offerings for 2.5M Customers

One of the leading banks in Switzerland, PostFinance, has announced the launch of custody and trading services for five alternative cryptocurrencies: Avalanche, Cardano, Polkadot, Ripple, and Solana.

This move is part of the Swiss government-owned bank's strategy to expand its cryptocurrency offerings and products for its 2.5 million customers, adding to the existing Bitcoin and Ethereum options.

🚀 We now also offer the Avalanche, Cardano, Polkadot, Ripple and Solana #cryptocurrencies for trading and custody. #thinkcrypto

— PostFinance (@PostFinance) July 1, 2024

Recall that in February 2024, PostFinance collaborated with Sygnum Bank to offer regulated cryptocurrency services. Through this partnership, PostFinance customers can purchase, store, and trade digital currencies such as BTC and ETH using Sygnum's B2B banking platform.

Sygnum's chief B2B officer, Fritz Jost, highlighted that this joint effort marks a noteworthy advancement in the broader acceptance of digital assets within Switzerland.

Switzerland's Position in Embracing Cryptocurrencies

Recently, Switzerland has led the way in adopting cryptocurrencies, with its “Crypto Valley” in Zug emerging as a center for innovation in blockchain technology. Unlike the United States, which has not yet established clear cryptocurrency regulations, the Swiss government and financial institutions have welcomed digital assets.

This, in turn, fosters a regulatory framework that supports the development of blockchain and Web3.

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PostFinance's recent inclusion of SOL, XRP, ADA, DOT, and AVAX in its crypto offerings demonstrates the expansion and progress in the global blockchain ecosystems. Major traditional banking institutions are recognizing the potential for digital asset services within their operations.

This move follows the entrance of several prominent global financial firms into the crypto space. For instance, earlier this year, large companies like BlackRock, which has US$10 trillion in assets under management as of December 31, 2023, and others introduced and received approval for spot Bitcoin exchange-traded funds (ETFs) in the United States.

We have also recently witnessed applications for Ethereum and Solana ETFs from a few traditional finance companies, underscoring the increasing interest from established financial giants in these leading alternative coins.

Meanwhile, PostFinance's addition of these cryptocurrencies is likely a response to their growing popularity and market capitalization and their significant development activity, which has at times surpassed Ethereum's GitHub submission rates.

Fun Fact From Cardano (ADA) Creator

Charles Hoskinson, the founder of Cardano, recognized the initial backing that PostFinance provided for Ethereum, mentioning that the Swiss bank was among their earliest banking collaborators. Hoskinson emphasized the recent development with X and affirmed his enduring positive association with the bank.

Hey there, it's always nice to see old friends! 👋 We are pleased that Cardano now forms part of our crypto offering.

— PostFinance (@PostFinance) July 2, 2024

Notably, PostFinance replied to the post, tweeting that they were happy to include Cardano in their latest offerings.