The Swiss post office is working to provide crypto trading services via its banking arm PostFinance.
Despite huge volatility in the price of crypto assets, the majority of the population of the world showing interest in crypto investment instead of the traditional money market. These types of growing interests among the population are forcing traditional services to go with this innovative industry.
On 11 July, Swiss Info reported that the Swiss Post office will enter into the crypto business. Under its business services, customers will be able to enjoy trading and crypto custody.
With this step, it will be the first time in the country when crypto products will be an independent part of the existing crypto services of a Bank.
This Post office will not directly provide crypto services, for the same it will take help from its banking arm, PostFinance.
According to the report, this planned crypto service will be offered by the Post office agency by 2024 and the decision behind the introduction of crypto services has been taken because of the increasing demand of users. The Swiss Post office’ banking arm official said that they were getting huge demand from their customers because they are willing to get in-house direct crypto services.
Sandra Lienhart, the head of retail banking at PostFinance, said:
“Our clients want direct access to this market through their house bank. Given the growing institutionalisation (of cryptocurrencies) in the last 18 months, this is the ideal time to enter the market.”
To bring this initiative into reality, PostFinance decided to take steps carefully and also it is in talks with leading international lenders like JPMorgan, Goldman Sachs, Citibank and Fidelity to offer varied crypto products.
PostFinance currently provides crypto services via its platform Yuh. But the crypto services for the customers of the Swiss Post office will be independent of its existing services.
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