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Abstract:Postfinance launches a groundbreaking crypto trading and custody service, making digital currency investment accessible and secure for all.
Swiss Post's financial department, Postfinance, has just launched a groundbreaking cryptocurrency trading and custody platform. The program, which is slated to begin on Wednesday morning, is intended to make it easier for users to acquire, store, and even set up crypto savings plans for an initial selection of 11 cryptocurrencies, simplifying the process of engaging with digital currencies.
Postfinance, a wholly owned subsidiary of Swiss Post, Switzerland's national postal service, is entering the crypto arena with the promise of user-friendliness, transparency, and competitive terms for its customers. This initiative positions Postfinance as a leader in the Swiss financial industry, particularly as the country's first systemically important bank to incorporate cryptocurrency trading directly for its clients.
The service, created in conjunction with Sygnum, a crypto bank certified by the Swiss Financial Market Supervisory Authority (FINMA), intends to make cryptocurrency trading accessible to anyone. It has a low entrance barrier of USD 50 for both crypto savings programs and individual trading orders, enabling more individuals to join the crypto market. Postfinance's foray into cryptocurrency services is more than simply trading; it's about providing a holistic solution that includes safe storage of digital assets, showing the company's dedication to security and regulatory compliance.
The Banking Act of Switzerland has granted Postfinance a license under its jurisdiction and regulation by FINMA. It has over 2.5 million customers. This large customer stands to gain greatly from the new service, which offers convenience via 24-hour trading access via e-finance or the Postfinance App. Postfinance aims to embrace digital innovation and provide cryptocurrencies alongside cash, bonds, shares, real estate, and raw commodities.
Philipp Merkt, Chief Investment Officer of Postfinance, stressed the lasting existence and potential of cryptocurrencies as an investment vehicle. He emphasized the benefit for the company's 2.5 million clients, who can now conveniently and safely invest in Bitcoin via their primary bank. This move is seen as an expansion of Postfinance's investment possibilities, demonstrating the institution's adaptability to the changing financial world.
The Yuh app with Swissquote supported 13 cryptocurrencies, and Postfinance's collaboration with Sygnum is a milestone in its digital assets strategy. Furthermore, Swiss Post's involvement in the digital currency arena, as indicated by the sale of cryptocurrency stamps, is consistent with the general trend toward blockchain technology.
Alexander Thoma, Postfinance's head of digital assets, said that clients are increasingly interested in blockchain technology and want to join this creative field without having to use loosely regulated crypto exchanges. This perspective emphasizes the need for a safe, regulated platform for Bitcoin transactions, which Postfinance intends to provide with its new offering.
The launch of Postfinance's cryptocurrency trading and custody service signals a fundamental change in the financial sector, acknowledging the growing significance of digital currencies and blockchain technology. By starting this effort, the institution sets a pattern for other Swiss banks and maybe the globe, illustrating the confluence of conventional and digital money. Postfinance addresses its customers' urgent needs and leads financial innovation by embracing the future of banking and investing with this service.
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