PostFinance brings crypto into the daily lives of 2.5 million Swiss people

Switzerland’s fifth-largest bank, PostFinance, has announced the launch of full cryptocurrency services on Wednesday, February 21, 2024. Its 2.5 million customers will be able to buy, sell, and even save 11 popular cryptocurrencies through their bank account.

Bitcoin and Affiliates Trading Starts at PostFinance!

The bank PostFinance is pioneering a full range of crypto services for its 2.5 million clients. Not only will they be able to buy and sell 11 major virtual currencies, including Bitcoin, Ethereum, and Litecoin, but they will also hold them in secure accounts provided by the bank itself.

To democratize investment in crypto, PostFinance has set the entry threshold at just $50. “Our clients can now easily trade these promising new assets,” declared Philipp Merkt, investment director.

Advisory services will also be offered to guide often-novice clients and answer their questions on this complex market.

A Step Towards the Widespread Adoption of Cryptos

By partnering with specialized firm Sygnum Bank as early as April 2023 to build this crypto offering, PostFinance has shown its intention to anticipate growing demand.

It thus becomes the first Swiss systemic bank to take the plunge, likely soon to be followed by others. It’s worth recalling that Deutsche Bank and Bakkt Holdings have recently undertaken a similar approach by partnering with Swiss companies in the sector.

As a subsidiary of Swiss Post, which cannot grant loans, PostFinance focuses on transactional services and account management. With 95 billion Swiss francs of deposits in 2022, adding cryptos is coherent to expand its range.

“Cryptocurrencies clearly represent the future of finance,” emphasized digital director Alexander Thoma. “Our customers want to participate in a secure framework.”

By making crypto investment this accessible, PostFinance could stimulate its mass adoption in Switzerland, similar to leaders like BlackRock with their overseas Bitcoin ETFs.

The coming years will tell if its ambitious bet on integrating cryptos into the traditional banking landscape will prove to be winning. But PostFinance already has the merit of leading the way.