Switzerland’s fifth-largest financial institution Switzerland’s Post Office is set to develop an independent cryptocurrency trading and custody service for its trade. It 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 presently bank with PostFinance, the fifth-largest bank in the country, are anticipated 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 aims to provide direct access to cryptocurrency markets through an exclusive service operated by PostFinance by 2024 at the latest.
It’s the latest step by the institution to pay for its clients the ability to gain access to cryptocurrencies. In 2021, PostFinance combined 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.
Despite the fact that 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 check the move and the reasoning behind it as Switzerland continues to be a for cryptocurrency and blockchain adoption.
The Italian-speaking Swiss town of Lugano was the most current periphery to declare 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.
In the interim, the Swiss Central Bank has had a diverse reaction 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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